Iran’s petchems sector avoids sanctions through local products - NPC

13 May 2013 16:18  [Source: ICIS news]

TEHRAN (ICIS)--Iran’s petrochemical industry has circumvented US-led economic and financial sanctions by developing technology and equipment to meet the requirements of local petrochemical plants, a senior official of state-owned National Petrochemical Co (NPC) said on Monday.

About 78% of the equipment and machinery used by the Iranian petrochemical industry was provided by local companies, NPC’s director for planning and development, Ramezan Oladi, said on the sidelines of the 10th Iran Petrochemical Forum (IPF).

Iranian companies have had difficulties importing equipment and raw materials in recent years because the US-led sanctions have made international payments problematic, industry sources said.

The two-day event in Tehran opened on 13 May.

Additional reporting by Prema Viswanathan

By: Chow Bee Lin
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