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IPTC: Diversification can ease sanctions

IPTC: Diversification can ease sanctions
(Wednesday, May 3, 2023) 11:39

TEHRAN (NIPNA) -- The planning manager of Iran Petrochemical Trading Company (IPTC) emphasized the importance of diversifying petrochemical products as a means to mitigate the impact of sanctions.

Masoumeh Moghadam made the statement during the marketing and downstream applications of petrochemicals panel at the IPF international conference on Tuesday.

Moghadam noted that countries such as America, China, India, and Turkey have been facing a sharp decrease in imports of products like polyethylene, methanol, and styrenes. These countries have increased their production of these items instead.

She also stated that there are significant opportunities for Iranian petrochemical producers in the Chinese market, given the increase in the country's production of these products in recent years.

For instance, China's polyethylene imports have declined by 10.2 percent between 2010 and 2020, and the decrease is expected to reach minus 5 percent by 2030.

Regarding India, the planning director of Iran Petrochemical Trading Company added that the country's market is essential for Iranian exporters, with most producers looking to participate in sales tenders. The country is expected to import 4.2 million tons of urea by 2025, down from the current 10.1 million tons.

Moghadam concluded by emphasizing that diversifying petrochemical products could be a crucial factor in reducing the impact of sanctions on the industry. By broadening their product portfolio, Iranian petrochemical companies can strengthen their position in the global market and become less reliant on a single product or market.

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