Iran has resumed petrochemical exports to Europe for the first time in five years and received payments through an international bank in Spain, previously blocked under the 2011 sanction regime, Press TV reported citing Iran’s Petrochemical Commercial Company (IPCC). Before sanctions, some 30% of Iran’s petrochemical cargoes went to Europe.

The financial transactions were made possible under an Escrow Account Agreement originally signed in summer 2015 and in accordance with the Joint Comprehensive Plan of Action (JCPOA) that had approved the removal of sanctions in July last year in exchange for Iran’s compliance with IAEA’s limitations to its nuclear program.

“Based on this agreement as well as the related authorizations received from the government of Spain as well as the country’s Central Bank, Iran will no longer have any restrictions to receive payments for its exports of petrochemicals products from different countries,” IPCC’s Managing Director, Mehdi Sharifi Nik-Nafs, explained.

In related developments, National Petrochemical Company (NPC) has introduced 16 petrochemical projects to Chinese investors with $12b being signed off by the Central Bank of Iran for receiving Chinese finances, Fars News Agency informed. Until now, eight projects have been approved for receiving finances, with letters of credit (LCs) remaining opened for additional five. China has agreed to invest in the country an amount three times higher than Iran’s blocked cash in petrochemical projects.