Sanctions on Iran lifted, open opportunity for Petrochemical export

According to media report, the nuclear deal between Iran and the six world powers has entered the implementation stage as of 17 Jan 2016. Despite the fact that the sanction against Iran did not specifically target the petrochemical industries, but exports have been hit badly since 2012 due to restriction on banking and shipping.

As reported earlier, Iran is expected to boost petrochemical exports by 25 percent by end of 2016. Managing director of the Iran Petrochemical Commercial Company, Mehdi Sharifi Niknafs was quoted saying, “When banking, insurance and shipping restrictions are lifted, it will become easier to export and the costs will decrease.” In 2014, Iran exported a total $14 billion worth of petrochemical products.  

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