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PGPIC Building $10b Petchem Projects in Iran

Source: Shana 8/7/2019, Location: Asia

The CEO of the Persian Gulf Petrochemical Industries Company (PGPIC) said the holding company was currently building projects with a total value of 10 billion dollars in Iran. Addressing a press conference on Tuesday, Jafar Rabiei said: “I can assure you that the sanctions have not prevented the course of our production, export and FOREX generation.” In May 2018, the US pulled out of the Joint Comprehensive Plan of Action (JCPOA); a nuclear deal Iran had struck with the P5+1 group of countries back in 2015. Later in 2018, Washington imposed sanctions on Iran’s petrochemical industry and later on, on the PGPIC and its subsidiaries. “We cannot explicitly say how we deal with the restrictions in order to minimize their effectiveness; however, I can assure you that the sanctions have not impeded the course of our production, exports and generation of foreign exchange and the US has not reached its goals in this regard.” The official further added that PGPIC had stepped in a projects to gather associated gases in Aghajari and Gachsaran districts in order to feed Bidboland Refinery and produce highly-valued items. He said the petrochemical market was a stable one and petrochemical goods in the stock exchange were being offered with the minimum fluctuations in prices.

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