The CEO of the Persian
Gulf Petrochemical Industries Company (PGPIC) said the company was ranked 35th
in the ICIS list of 100 top chemical companies for 2018, despite the US
sanctions.
Jafar Rabiei
told the annual PGPIC assembly that the imposed sanctions on Iran were incomparable
with previous embargoes on the country since the 1979 Islamic Revolution.
He said that the
sanctions had created problems in the way of exports and sale of petrochemicals.
“The sanctions
on the petrochemical industry have fully failed but did cause us trouble,” Rabiei
said.
The PGPIC CEO
further said the company had raised its operational income by 53% in the fiscal
year of 1397 which ended on March 20, adding PGPIC realized a 110% growth in operational
profits, 99% in investment profits and 137% rise in net profits in the same year.
He added that the
holding was the largest and most lucrative company in Iran.
PGPIC is also
ranked third in the regional companies in terms of size and profit making.
Rabiei went on
to add that the holding’s output would rise by 6 million tons per year by the
end of the current calendar year to March 20 after it launches several major
projects across Iran.