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Iran Petchem Sector Reports Surge in Credit Sales

Iran Petchem Sector Reports Surge in Credit Sales
(Tuesday, November 14, 2023) 15:55

TEHRAN (NIPNA) -- Iran's National Petrochemical Company's lower industries development manager announced a significant increase in credit sales of petrochemical products for the month of Mehr this year, amounting to 7.2 trillion tomans.

Abbas Gholami, the manager overseeing lower industries' development at the National Petrochemical Company, disclosed that the credit sales of petrochemical products surpassed 7.2 trillion tomans during the month of Mehr in the Iranian calendar year 1402.

In an exclusive conversation with NIPNA, Gholami highlighted that credit sales of petrochemical products accounted for 29% of the total sales in the commodities exchange during Mehr this year.

He emphasized that the cumulative value of the petrochemical products supplied on credit during this period reached the impressive figure of 7.2 trillion tomans.

Underlining the company's commitment to revitalize production units, Gholami stressed the National Petrochemical Company's encouragement of petrochemical companies to focus on credit sales as a pivotal avenue for such transactions.

He explicitly stated that many petrochemical companies and holdings actively engage in this national strategy, aiming to complete the value chain and remain actively involved.

Gholami recalled the credit sales performance, indicating a rise from 3.2 in Farvardin, 5.5 in Ordibehesht, 5.8 in Khordad, 6 in Tir, 7 in Mordad, and approximately 6.2 trillion tomans in Shahrivar.

Addressing the challenges faced by supplementary industries in acquiring raw materials, highlighted by the National Petrochemical Company, Gholami mentioned liquidity and capital circulation as significant hurdles.

Presently, around 15,000 to 16,000 industrial units procure their necessary feed from petrochemical complexes, emphasizing that increased credit sales in the commodities and energy exchange market utilize all available capacities of petrochemical companies to facilitate the supply chain for supplementary industries.

Consequently, this strategic approach has resulted in approximately 34 trillion tomans of credit sales to downstream petrochemical industries in the first half of the Iranian calendar year 1402. These credit sales, apart from reviving industrial units, have accelerated the development of final products, generated maximum value-added, and bolstered employment opportunities in the country.

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