News ID: 255735
Published: 0237 GMT July 13, 2019

PGPIC CEO: Domestic petchem firms generate $10b in year to March

PGPIC CEO: Domestic petchem firms generate $10b in year to March

Iranian petrochemical companies injected close to $10 billion in foreign currency into the domestic economy in the year to March 2019, said the managing director of the Persian Gulf Petrochemical Industries Company (PGPIC) on Saturday.

In an address to a press conference, Jafar Rabiei added the foreign currency revenue generated through petrochemical exports was supplied to domestic market through Iran's Foreign Exchange Management Integrated System, locally known as NIMA, Shana reported.

He noted that as per a directive issued by the Central Bank of Iran, domestic petrochemical companies can spend a part of their foreign currency income on covering their costs, such as purchasing raw materials and spare parts as well as meeting their intracompany expenses.

According to the directive, domestic petrochemical firms can spend 30 percent of their income on their intracompany expenses, Rabiei said.

He regretted that unilateral US sanctions have, to some extent, negatively impacted the generation of foreign currency revenue by domestic petrochemical companies.

In May 2018, President Donald Trump pulled the US out of the Joint Comprehensive Plan of Action, signed between Iran and the P5+1 in July 2015, and reimposed Washington’s unilateral sanctions on Tehran in two phases. In June, the Trump administration announced new sanctions on Iran, targeting the country’s petrochemical industry, including its largest petrochemical holding group, PGPIC.


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