26 July 2010 18:04 [Source: ICIS news]
(Confirms adoption of sanctions in first paragraph and updates)
SINGAPORE (ICIS news)--The EU on Monday adopted economic sanctions against Iran, which, sources believe, could severely affect the country's exports of petrochemicals as well as its imports from Europe of speciality polymers, catalysts, spare parts and machinery.
The EU measures, which could result in a clampdown on financial transactions between the EU and Iran, complement the tougher sanctions imposed by the UN last month in a bid to halt the country’s nuclear programme.
“So the EU curbs will severely affect Iranian petrochemical trade and manufacturing activity.”
Europe is also a major source of machinery and spare parts for petrochemical plants in
Production at several Iranian petrochemical plants has been hampered by persistent teething problems for months after their start-up. At least three plants - the Mehr Petrochemical polyethylene (PE) plant and Arya Sasol’s high density PE/medium density PE (HDPE/MDPE) and low density PE (LDPE) units - are currently offline due to technical problems.
The EU sanctions would also negatively impact the EU, said another source. “Europe imports significant volumes of methanol, for instance, from
The EU sanctions follow restrictions imposed by banks in
“There are indications that the Iranian government will try to explore some solutions to this impasse by holding talks with the South Korean government, as Iran is a significant source of export revenue for South Korean automobiles, electronics, polymers and machinery,” the source said.
($1 = €0.77)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections