News ID: 260557
Published: 0334 GMT October 21, 2019

Official: Sanctions on Iran’s petrochemical industry a total failure

Official: Sanctions on Iran’s petrochemical industry a total failure

The head of a petrochemical plant said foreign sanctions on Iran’s petrochemical industry have ended in complete failure.

In remarks on Monday, the managing director of the Persian Gulf Petrochemical Industries Company, Jafar Rabiei, highlighted the futility of the foreign sanctions that were aimed at driving Iran’s oil exports down to zero and eliminating Iranian petrochemicals from the world market, reported Tasnim News Agency.

“None of those objectives (against Iran) were accomplished,” he said, stressing that the sanctions on Iran’s petrochemical industry have ended in complete failure.

However, he added, sanctions caused some trouble and costs for those involved in the petrochemical industry.

“We identified the problems caused by sanctions in the petrochemical industry, such as maritime transportation and currency transaction, found solutions to each one, and overcame the problems,” he added.

In May, the managing director of Iran’s National Petrochemical Company (NPC), Behzad Mohammadi, unveiled plans for a big rise in the production of petrochemicals, saying the annual income from domestic petrochemical output is expected to hit $25 billion within the next two years.

Last month, Iran’s Oil Minister Bijan Namdar Zanganeh said the country was on the verge of a second leap in the petrochemical industry that would increase annual output to above 100 million tons, adding that a third leap was expected to further raise the production capacity of the country’s petrochemical industry to more than 150 million tons.

 

   
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