CEO Downplays US Petchem Sanctions as Political Theatrics

(Monday, June 10, 2019) 16:29

TEHRAN (NIPNA) -- The CEO of the National Petrochemical Company (NPC) described the recently-imposed US sanctions Iran’s petrochemical industry as “political theatrics,” stating the bans did not influence Iran’s petrochemical production and exports.

Speaking to reporters on Monday, Behzad Mohammadi said sanctions were nothing new to Iran’s petrochemical industry, adding the sector had been subject to the bans since 2013.

Earlier this week, US Treasury imposed sanctions on Iranian companies including the Persian Gulf Petrochemical Industries Company (PGPIC), the largest petrochemical holding company in Iran.

“The imposed sanctions on the petrochemical industry would not influence our production and exports much and we are focused on developing the sector disregarding the sanctions,” the official said.

NPC has been successful to materialize over 90 percent of its revenue generation plan for the country, he said.

This Iranian calendar year, which began on March 21, Kaveh, Bushehr and Ilam Olefin projects are to become operational adding 5 million tons to the country’s petrochemical production capacity.

Moreover, 15 other petrochemical projects are expected to become operational by the end of the next Iranian calendar year to March 2020.

“We have no trouble both for production and supply of catalysts and the sanctions imposed by the US on the petrochemical industry only serve as mere political theatrics rather than impacting the sector,” Mohammadi added.

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National Petrochemical Company