Iran Press/Iran news: Iran is required to prepare itself for unilateral US sanctions, said a deputy petroleum minister, describing the country’s petrochemical sector as unsanctionable. “We have to prepare ourselves for [dealing with] the issue of sanctions. However, unlike Iran’s oil sector, the country’s petrochemical industry is not sanctionable,” said Behzad Mohammadi, the deputy petroleum minister for petrochemical affairs in an address to reporters.
The wide diversity of petrochemical products and high international demand for them make the nature of the industry unsanctionable, he added.
Mohammadi's remarks came as the Wall Street Journal has reported that US administration is now considering more aggressive enforcement of its economic sanctions, by targeting the Export of the Iranian Petrochemical products to Singapore.
Speaking on the sidelines of Iran's 24th International Oil, Gas, Refining and Petrochemical Exhibition, Behzad Mohammadi described the petrochemical industry as an efficient, strategic and effective sector in the country’s economy, adding that it was very significant in terms of revenue generation in the country.
He further stated that in Iran, the industry was deemed as an economic system rather than an economic firm, saying this is because of its impact on generation of revenue for the country.
The official said the sector received 25.3 million tons of feedstock from oil and gas refineries and NGL projects, reported Iran Press citing SHANA.
Iran’s total petrochemical output stands at 55 million tons per annum of which a portion is consumed domestically and the rest exported.
Furthermore, 31 million tons of salable items produced in the sector which are categorized as polymer, chemical and non-chemical products.
Mohammadi stated that Iran exports petrochemical products to over 30 foreign destinations in Europe and Asia.
Iran International Oil, Gas and Petrochemical Exhibition displays a wide range of technical and industrial abilities of the Islamic Republic of Iran and other countries worldwide in the area of Oil, Gas and Petrochemical. It is the most important oil and gas exhibitions in the Middle East and also among the most significant oil and gas events in the world in terms of the number of participants and its diversity. 103/203
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