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Official: Iran Bypassing Sanctions, Has No Worries about Petrochemical Exports.

Summary: TEHRAN (FNA)- Iranian Deputy Oil Minister Abdolhossein Bayat downplayed the effectiveness of the western sanctions, and said Tehran has adopted and implemented different strategies to bypass the embargos and has no worries about exports of its petrochemical products.

"Although we have been under the US sanctions for over 34 years, we grew even more vigilant when the new wave of tougher sanctions was raised by the US and fortunately we succeeded in adopting fundamental and strategic measures to bypass the embargos," Bayat, who also chairs the National Petrochemical Company (NPC), told FNA on Sunday.

He said that expanding Iran's cargo fleet to increase exports of petrochemical products instead of crude oil, indigenizing petrochemical production technologies and producing millions of products from crude oil in a way that they cannot be easily sanctioned by the western states are among the measures adopted by the oil ministry to counter the embargos.

Bayat underlined that "Iran is not concerned about export" of its petrochemical products since it has various customers across the world while there is also a growing demand for home-made petrochemical products in the Iranian market.

The US blacklisted eight companies in Iran's petrochemical industry earlier this month. Most of the companies are private. The petrochemical companies owned or controlled by the Iranian government that are on the Treasury Department list include Bandar Imam Petrochemical Co, Bou Ali Sina Petrochemical Co and Mobin Petrochemical Co.

Bayat said the new sanctions have targeted products of some Iranian petrochemical plants, including Tabriz petrochemical complex, whose products are consumed only in the domestic market.

Earlier this month, Bayat said that the sanctions are nothing new and would no way block the Iranian petrochemical industry's path towards growth and development.

"Today the country produces more than 60 million tons of various petrochemical products per year which find their way to various destinations across the globe and that is why we are not worried about newly imposed sanctions," he said.

According to the NPC official, last year, Iran exported 16 million tons of petrochemical products, worth 12 billion dollars, to 60 countries across the world.

He noted that petrochemical industry plans will go ahead on schedule and all the foreign exchange commitments to petrochemical plants will be paid on time.

Bayat said Iranian petrochemical plants are run by domestic experts based on updated knowhow of the world and are not dependent on foreigners for their operation.

New sanctions have targeted products of some Iranian petrochemical plants including Tabriz petrochemical complex, which its products are consumed inside the country alone, he said.

The NPC top executive further said that Iranian petrochemical plants are moving toward completion of chain of value, which means expanding downstream activities, diversification of products, and finding new markets and that is why the world cannot ignore Iran's petrochemical products.

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Publication:FARS News Agency
Geographic Code:7IRAN
Date:Jun 9, 2013
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