Iran's petchem exports up by 32% in eight months

Exports of petrochemical products in the eight months from March 21 to November 21 increased by 32 percent compared to the figure for the same period last year, according to data released by Iran Customs Administration.

Iran exported $10 billion worth of petrochemicals (21,000 tons) during the eight month period, Tasnim News Agency reported.

However, exports of natural-gas condensate dropped by 37 percent in the aforementioned period, according to the report.

In August, CEO of National Petrochemical Company (NPC) Reza Norouzzadeh said Iran's petrochemical industry was 'unsanctionable' and that the exports would continue as per schedule, hinting at US sanctions against the country.

US President Donald Trump walked away from the 2015 nuclear deal between Iran and world powers in May and reimposed sanctions on the Islamic Republic.

On August 6, Trump signed an executive order reimposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.

He said the US policy is meant to exert 'maximum economic pressure' on the country.

The second round of US sanctions against the Islamic Republic went into effect on November 4.

KeyWords

petchem

exports

Iran