10 January 2011 03:50 [Source: ICIS news]
(recasts third paragraph for clarity)
By Chow Bee Lin
DUBAI (ICIS)--Petrochemical Commercial Co (PCC) of ?xml:namespace>
On 10 June last year, the UN issued its fourth round of sanctions against
A few days later, the
Speaking on the sidelines of the Arabplast 2011 in
“I think, you know, if we go to the exact wordings of the sanction on PCC, everyone will fully understand that it’s illegal. The statement in the sanction is telling that PCC is wholly owned by NPC. This is not correct,” said Hamzehlou.
He said if the people in the US just looked at the facts they would immediately understand that the sanctions on PCC were a mistake. "And I think if they are fair enough, they can just do the (right) thing now,” added Hamzehlou.
The balance 45% stake in PCC, currently owned by the Iranian government, would be transferred to private investors as well by the end of March this year, he added.
More time and efforts were needed to run its business as a result of the sanctions, but PCC managed to grow its business by 28% in terms of tonnage and nearly 60% in terms of value last year, said Hamzehlou.
“Something has happened (as a result of the sanctions), but it was not affecting our job. We didn’t lose our market, we didn’t lose our customers, we are doing our job, we’ve received much more money, we have exported a lot, but with a little bit more effort.” he said.
PCC’s business costs have increased due to the
“It’s not significant. Ten billion dollars of exports in comparison to some dollars and pennies, it’s not important," he said.
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