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Sanctions on Iranian petrochemical companies to be eased, revenues to increase

Tuesday, 28 January 2014

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) will soon exclude Bandar Imam Petrochemical Co., Bou Ali Sina Petrochemical Co., Mobin Petrochemical Co., Nouri Mobin Petrochemical Co., Pars Mobin Petrochemical Co., Tondgouyan Mobin Petrochemical Co., Shazand Mobin Petrochemical Co., Tabriz Mobin Petrochemical Co., Jam Mobin Petrochemical Co., Qaed Basir Mobin Petrochemical Co., Arya Sasol Mobin Petrochemical Co., and Marjan Mobin Petrochemical Co. from its sanctions list. Deputy head of Iran’s state-controlled National Petrochemical Co. Mohammad-Hussein Peyvandi said the end to the ban on selling petrochemical technologies to Iran would “have an impact on European countries. “Historically, we relied more on the European market (Italy, France and Germany) for technologies.” Peyvandi said Iran’s petrochemical sector will spend $70 billion over the next 10 years, although he said the plans are partly contingent on sanctions being lifted. He said that as a result, Iran’s petrochemical sector could generate an annual $50 billion in revenues by the next decade, up from $21 billion in the last Persian year ended March 2013. National Iranian Tanker Company (NITC) Managing Director Ali Akbar Safaei said that the NITC obtained permission to ship oil to some Asian countries as sanctions were eased. Tankers belonging to the company may export crude to China, India, Turkey, Japan, South Korea and Taiwan after sanctions against insuring the country’s vessels were suspended Jan. 20. (Fars News Cartoon: EU holding sanction sign stumble upon Geneva accord shadow).

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  • Published: 2 years ago on Tuesday, 28 January 2014
  • By: Iran Daily Brief
  • Last Modified: January 28, 2014 @ 3:30 pm
  • Filed Under: Economy
  • Tagged with:
  • Source(s):
    • http://www.neconews.com/vdca0wnu.49noe15kk4.html; http://en.mehrnews.com/detail/News/101820; http://www.farsnews.com/imgrep.php?nn=13921105001193

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