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Iran begins receiving post-sanctions payments at European banks

by ChemOrbis Editorial Team -
  • 05/01/2016 (11:34)
According to media reports, Iran’s petrochemical sector has started to receive payments to an account being kept in a Spanish bank, marking the first time in five years that Iran has received payment for petrochemical exports through a European bank.

Mehdi Sharifi Niknafs, executive director of the Iranian Petrochemical Commercial Company (IPCC), reportedly said that payment restrictions for petrochemical exports are no longer in place.

Iran and six major powers - the United States, France, Britain, China, Russia and Germany- had reached an agreement over the Iranian nuclear program in Vienna on July 14, 2015. The deal envisages easing sanctions on Iran by the EU and the US, including lifting restrictions on Iranian exports of petrochemicals.

Iran’s petrochemical output reached 44.4 million tons in the past Iranian fiscal year ended on March 20, 2015, up 10% from a year earlier while the country’s actual production capacity is around 60 million tons/year. The country is aiming to increase its production capacity to 120 million tons/year by 2020 and to 180 million tons/year by 2025.
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