26 May 2024
Friday 28 August 2015 - 18:04
Story Code : 178002

Iran: No petrochemical exports to US

An Iranian official has ruled out petrochemical exports to the US, saying the country nevertheless has the American market under watch.

Due to high transportation costs from the Middle East to North America, Irans petrochemical products exports to the US are not economically viable, Iranian Petrochemical Commercial Company (IPCC) Executive Director Mehdi Sharifi Niknafs said on Friday.

There are better markets for Irans petrochemical products elsewhere, while America itself is regarded among the biggest petrochemical producers, he said.

We have no plans for exports to America and received no request. However, we are studying and examining the American petrochemical market, Sharifi Niknafs added.

Asia and Europe have a higher priority for Iran which is looking to revive its traditional markets and find new clients after the removal of sanctions, he said.

With the removal of the sanctions, Europes doors will open and our cargoes will set off for that market, the official said, adding Iran was trying to obtain quotas and preferential rights for its exports to the continent.

Tehran used to send 30% of its petrochemical cargoes to Europe before trade wilted under the sanctions.

Sharifi Niknafs said, During years of sanctions, big companies took Irans place in the European market. Hence, it is difficult to take back our share.

Nevertheless, Iran will try to reclaim its market share in Europe in the shortest possible time, he added.

Iran is also interested in Latin America which has a high demand for petrochemical products despite the distance issue.

Given the high cost of carriage to South America, we have to go for 'both-ends freight' arrangement meaning we send petrochemical products to the Latin American countries and the vessels bring us necessary products from there.

By Press TV
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