Tehran, Iran, June 10
Trend:
The US sanctions against Iran's petrochemical industry will not paralyze the industry, as Iranians know how to counter the sanctions and it is not so easy to control diverse petrochemical products, said former CEO of National Iranian Petrochemical Company, Trend reports citing ILNA.
"The petrochemical products were to some extent included in the US sanctions on oil exports; however, now the sanctions are expanded covering a number of Iranian petrochemical companies," noted Abbas Shaari Moghadam.
"In general, petrochemical products are very diverse, so controlling them is not as easy as in the oil industry. In addition, Iranians have learned the ways to find solutions, the new sanctions will not paralyze the national petrochemical industry," he said.
In his words, the best way in the current situation is that Ministry of Industry, Mine and Trade creates more opportunities for enterprises in the petrochemical industry," he added.
"The strict regulations applied now to them are internal sanctions that hurt more than foreign sanctions. Thus, customs regulations including delays in release of imported goods or tax burdens may cause chaos in the industry," Abbas Shaari Moghadam noted.
"The downstream industries require less investment, bring larger profits and offer more employment, which may bring quick result, while the upstream industries need huge investments and up to four years to return the profit," he said. "Creating a good atmosphere for trade and removing strict regulations will help to find new market for exports of the petrochemical products."