News ID: 262998
Published: 0414 GMT December 15, 2019

Iran’s weekly sale of petrochemicals in local bourse exceeds $200m

Iran’s weekly sale of petrochemicals in local bourse exceeds $200m

Iran’s sale of petrochemical products in a local energy exchange exceeded $200 million in one week as the government keeps using the mechanism to bypass the US sanctions imposed on the oil and gas industry.

According to IRNA, the value of trades involving various petchem products at Iran Energy Exchange (IRENEX) in the week ending on December 11 had reached a total of 27.1 trillion rials.

The report said around 25.8 trillion rials (nearly $207 million) was gained from sale of products at the export ring of IRENEX which is normally frequented by customers from neighboring countries.

It said major products sold to foreigners over the weekly trade period were gasoline, diesel and liquefied natural gas (LNG), adding that the total weight of the cargoes traded, including those sold to domestic customers, had topped 43,000 tons.

IRENEX, once a modest instrument used for local energy trades, has become a major component of government efforts to offset the impacts of the American sanctions on the direct sale of oil and petrochemical products.

Major Iranian refineries have been offering their high-end products for trade at the bourse where customers from neighboring countries like Iraq, Pakistan and Afghanistan are placing heavy orders for products like gasoline and LNG.

The United States imposed its inclusive sanctions on Iran’s oil sale in November last year months after Washington withdrew from an international agreement on the country’s nuclear program.

Government officials believe the sanctions, which were toughened in May, have caused a major boom in the downstream sections of the oil industry where Iran had normally lagged behind in terms of investment and production over the past decades.

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