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Iran, six major powers reach a deal on Iranian nuclear program

by ChemOrbis Editorial Team -
  • 14/07/2015 (11:20)
According to media reports, Iran and six major powers - the United States, France, Britain, China, Russia and Germany- reached an agreement over the Iranian nuclear program in Vienna on July 14. The deal envisages easing sanctions on Iran by the EU and the US, including lifting restrictions on Iranian exports of petrochemicals. The parties had originally been expected to close the deal by the end of June.

Accordingly, Iran will limit its nuclear program in return for an easing of sanctions against the country. When the sanctions are lifted, Iran is planning to increase its oil production, which is expected to exert downward pressure on crude oil prices as global markets are already said to be oversupplied. However, the realization of this expansion plan will take some time as sanctions may be rolled back slowly.

For the petrochemical sector, meanwhile, many companies across the world previously stated their willingness to invest in Iran following a tentative deal on April 2, 2015 between the parties regarding Iran’s nuclear program, according to the Iranian Association of Petrochemical Industry Corporations (AIPC). The country’s petrochemical sector could potentially attract investments of around $70 billion, according to AIPC.
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