ANKARA
Iran prepares to resume exports of petrochemical products to Europe which were banned by U.S.-led sanctions in recent years, according to Shana, the Iran oil ministry’s news service on Monday.
The Middle Eastern country will make a shipment of a consignment of linear low-density polyethylene to Belgium in week commencing Dec 22. The transfer, which measures 2,000 tons with a value of over $2 million, will be made by Iran’s Jam Petrochemical Company.
Global clients were banned from buying petrochemicals from Iran since June 2013. The ban was removed on January 2014 after nuclear talks between Iran and the P5 + 1 group of world leaders commenced. The P5 +1 countries include the U.S, Russia, China, France, the U.K. and Germany.
The U.S. announced sanctions on Iran’s petrochemical industry in June 2013 to further isolate Iran from acquiring finance from the international financial system. Iran’s second largest source of foreign revenue is the petrochemical industry.
More than 40 million tons of petrochemical products which were produced in Iran in 2013 resulted in gains of approximately $9 billion for Iran.
Iran, which is a major oil exporter, increased its petrochemical exports to $12 billion in 2014 and plans to further enhance these figures in 2015.
www.aa.com.tr/en
