U.S. Lifts Sanctions against Iran Petrochemical Companies

The U.S. Office of Foreign Asset Control (OFAC) on Monday lifted sanctions against 14 Iranian petrochemical companies as the first step of easing sanctions under the 24 November Geneva agreement.

The petrochemical companies are: Bu Ali Sina, Nouri, Shahid Tondgouyan, Bandar Imam, Mobin, Pars, Shazand, Tabriz, Qaed Basir, Poulinar, Ariya Sasoul, Saderat-e Assalouyeh, Marjan and Jam.

The companies can now start selling their products globally and receive foreign currencies for goods sold through normal banking channels.

The development is particularly important for the country’s petrochemical industry. Unlike increasing crude oil production to pre-sanctions levels, the petrochemical plants can be restarted almost immediately without any major investments. But they need to produce products that could be easily marketed and transported globally.

File photo: Petrochemical plants in Assalouyeh on the shores of the Persian Gulf. (IRNA)

Monthly Revenues of New Petrochemical Projects At $1 Billion

Iran’s monthly revenues from its new petrochemical projects has surged to $1 billion in the first two months of the new Iranian calendar that started on 21 March, Iranian news agency Fars reported today. Five petrochemical projects have come online during the period.

“These projects have raised nameplate production of petrochemicals by 2.728 million tons," said National Petrochemical Company's managing director Abdolhosain Bayat.

”Since 2005, 51 petrochemical projects have come on stream with $22 billion investment raising the nominal production capacity of petrochemicals by 38 million tons per year,” he added. (Fars News Agency, 25 May)

File photo: Southern Pars petrochemical complex at Assaluyeh on Persian Gulf coast.