Iran’s Petrochemical Employers Association has announced the country’s readiness to resume petrochemical exports to Egypt, The Mehr News Agency reported.
Association’s Deputy Director, Parviz Sahafzadeh, made the remarks saying that “before the imposition of sanctions, certain petrochemical and polymeric products were deployed to Egypt by some Iranian companies in the form of single-piece shipment.”
The official highlighted that Iran and Egypt are both members of the specialized working group in petrochemical industry at D-8 Organization for Economic Cooperation, which is to convene in Cairo in May.
The official deemed North African countries like Egypt, Algeria, and Tunisia as proper markets for Iranian petrochemicals exports.
Tehran is also targeting petrochemical market in China, according to the Financial Tribune.
Iran further plans to integrate small petrochemical enterprises into one large privately-run entity within a decade, an official at the National Petrochemical Company (NPC) said. “Iran’s petrochemical industry is going through a transitional period toward privatization. The most serious challenge is to guarantee the return on investment, which small firms do not seem to be capable of pulling off single-handedly,” Mohammad Hassan Peyvandi, Deputy Director of NPC, told press.