Iran’s petrochemical exports rise despite Western sanctions
By Sara Rajabova
The export of Iran's petrochemical products has increased despite the international sanctions imposed on the country's economy over its nuclear program.
Iran exported 14.4 million tons of petrochemical products worth $10.1 billion in the previous calendar year (which ended March 20).
The figure shows 32 and 33 percent increase in terms of weight and value respectively, compared to previous year, the Mehr News Agency reported.
Iran produced 10.6 million tons of petrochemical products in the first three months of the current Iranian calendar year, which started on March 21.
According to Mehr News Agency, Iran's current petrochemical production capacity is around 60 million tons.
The country also plans to export 17.4 million tons worth $13 billion in the current year.
Iran's petrochemical exports to China and African countries are on the rise.
China's imports currently account for 27.2 percent of Iran's total exports.Europe with 6.5 percent, Africa with 6.2 percent, Middle East with 31.3 percent, Far East with 18.5 percent, and India with 10.3 percent are the other major destinations for Iranian petrochemicals.
Also, National Iranian Petrochemical Company's (NIPC) Managing Director Abdolhossein Bayat said despite the sanctions, Iranian petrochemical products are being exported even to European countries.
Bayat said over the past eight years, the country's annual petrochemical output has increased by 38 million tons.
The output will surpass 75 million tons by the end of the current Iranian calendar year (March 2014), he noted.
Iran also plans to establish 18 new petrochemical complexes, special for downstream industries.
Besides, Deputy Head of Iran's Trade Promotion Organization (TPO) Kioumars Fathollah Kermanshahi said that Iranian experts have turned the West's sanctions against the country into opportunities through unity and unsparing efforts, adding that Iran's petrochemical exports rose up in the last Iranian year (ended March 20) due to the same efforts.
Kermanshahi noted that exports of Iran's petrochemical products increased during the past Iranian year despite international pressures and sanctions imposed on the country to restrict Iran's economic cooperation with other countries.
Also earlier in mid-May, Kermanshahi played down the effects of the western sanctions against Tehran, and said the Iranian nation has managed to turn the embargos into opportunities for further progress.
By increasing non-oil exports, the Iranian economy moves towards fulfilling Supreme Leader Ayatollah Seyed Ali Khamenei's call for closing oil wells, Fathollah Kermanshahi said while referring to the western states' sanctions on Iran's oil exports.
Kermanshahi said that Iran's total exports including oil and oil condensates hit $96bln in the past year, showing a 5 percent fall compared to the previous year.
Based on the country's Fifth Five-Year Development Plan Iran's non-oil exports have to reach $59bln, he added.
The official said that $41bln of the sum will be provided through export of Iranian products and $18bln through export of services.
Iran's trade deficit improved by 30 percent in the previous year according to which the country's non-oil exports came closer to imports, he noted.