Jun. 1, 2013 (TSR) – Iran’s deputy Oil Minister Abdolhossein Bayat says Iran has two trump cards against new “illegal” sanctions by the US treasury against Iran petrochemical sector.

The energy official stressed that “Iran’s petrochemical industry is rapidly progressing and illegal sanctions will not stop the process of this industry’s… development and progress,” reported by Press TV.

Abdol Hossein Bayat, who was reacting to illegal sanctions by the US treasury, told Mehr News that petrochemical sector was facing  sanctions for several years. “Despite sanctions, Iran’s export of petrochemical products have not been stopped even to Europe,” he added.
Deputy Oil Minister pointed out that Iran has internalized 8 technical capabilities with extensive applications in petrochemical industry. With escalation of sanctions on catalysts, now 25 types of catalysts with applications in different industries, have been developed, produced and supplied to the market inside in industry scale,” he asserted.
He also added that Iran exported petrochemical products to more than 65 countries worldwide. China and countries in Western Europe are the main recipients of Iran’s petrochemical exports, followed by countries in Southeast Asia, the Middle East, the Indian subcontinent, Africa, and Latin America, with exports amounted to $12 billion in the past Iranian calendar year. Petrochemical exports constituted 37.5 percent of the country’s non-oil exports in the past Iranian calendar year, which ended on March 20, the official added.

Iran will also account to 38 percent of petrochemical production in the Middle East by the year 2015 and is currently producing 24 percent of the total petrochemical products in the region.

Over the past few years, Iran has significantly increased its petrochemical production.

“Since two years ago, diversification of target markets was set in the agenda for Iran,” said the deputy minister.

“During fiscal year ending in March 2013, Iran exported 16 millions of tons of petrochemical products worth of $ 12b. With wider marketing for our products, and taking new approaches, there will be no barriers in the way of exporting petrochemical products,” he explained.
Bayat added that about $80 billion in investment opportunities have been identified in both upstream and downstream sectors of the Iranian petrochemical industry, and this shows that the industry is taking great steps toward development.
Iran plans to boost petrochemical production by 12 million tons by the end of spring (June 20, 2013), NIPC Managing Director Abdolhossein Bayat said in December 2012.
He cited high diversity and quality as two guaranteeing factors of Iran’s sustainable presence in petrochemical markets. “Despite wider sanctions, even EU countries are now importing Iran’s petrochemical products,” he added.

Irony: Iran signs greatest contract on Sanction Day

Hours after the US new sanctions against Iran petrochemical sector, Iran’s deputy Oil Minister says the country signed their greatest contract for gas transfer.

Javad Owji told Mehr News that the contract for transferring gas to 4500 villages had been signed. “With the contract signed with Iranian engineering companies, the physical operation of gas transfer to connect 4500 villages to national gas network has been launched,” he added.

The managing director of Iranian National Gas Company stated that this gas contract was worth of $ 6.5b, and added that the operation for gas transfer to 60 new cities had been in the agenda for future.

He also asserted that the pace of gas transfer operations had been increasing since March 2013. “Currently, 14,500 villages enjoy natural gas all over the country,” he added.

The member of Board of Directors of Iranian National Gas Company pointed out that since the beginning of the present year (March 2013), average of 4 to 5 villages had joined the national gas network. “Now, more than 1000 cities had natural gas,” added Owji.

“The physical operation for gas transfer to villages has now advanced 5 to 95 per cent. This extensive project has been implemented with maximum capabilities of domestic contractors and engineering companies,” he explained.

The U.S. government on Friday slapped sanctions on Iran’s petrochemical industry as part of its efforts to intensify the squeeze on Tehran’s economy.

In a written statement, the Treasury Department announced sanctions on eight Iranian petrochemical companies that are “owned or controlled by the government of Iran.”

Specifically, these targeted companies included Bandar Imam Petrochemical Company, Bou Ali Sina Petrochemical Company, Mobin Petrochemical Company, Nouri Petrochemical Company, Pars Petrochemical Company, Shahid Tondgooyan Petrochemical Company, Shazand Petrochemical Company, and Tabriz Petrochemical Company, according to the statement.

Meanwhile, the State Department also sanctioned two companies for “knowingly” engaging in the purchase of petrochemical products from Iran.

At a regular briefing, State Department spokesperson Jen Psaki said the two listed companies are identified as Jam Petrochemical Company and Niksima Food and Beverage JLT.

“These actions underscore U.S. resolve to cut off funds from the Iranian petrochemical sector, as the second-largest revenue source for Iran’s illicit nuclear program,” she told reporters.

 

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