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.
Load and unload activities for petrochemical cargoes at Iranian ports have soared by almost a third in one month, despite sanctions imposed by the United States, meant to disrupt the country's trade of crude oil and related products.
Iran plans to build two petrochemical plants in its northern areas along the Caspian Sea that will fully correspond to all required environmental standards, Iranian Oil Minister Bijan Namdar Zanganeh told Sputnik on Thursday on the sidelines of the Russian Energy Week forum in Moscow.
A cooperation agreement was signed between Iran’s Petrochemical Research and Technology Company (PRTC) and Tabriz Petrochemical Company (TPC) on Monday on the transfer of the technology to produce high-density polyethylene (HDPE).
Petrochemicals have become Iran's biggest driver of foreign currency income from exports ever since US sanctions limited the OPEC member's crude sales, Oil Minister Bijan Namdar Zanganeh said on Sunday.
Iran’s petrochemical production capacity will increase by 2.5 million tons per year once the projects to develop Ilam (wester Iran), Lordegan (western Iran) and Orumiyeh (northwestern Iran) petrochemical companies are completed.