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Iran resumes petrochemical exports to Britain

Xinhua, July 2, 2016 Adjust font size:

Iran has shipped a petrochemical consignment to Britain for the first time after the removal of western sanctions, semi-official Mehr news agency reported on Saturday.

By importing Iran's petrochemical products in the post-sanction era, Britain will join the three other customers of Iran in Europe, namely, France, Italy and Germany for cooperation in the sector.

European countries imported 13 percent of Iran's petrochemical and polymeric products, valued at 2-2.5 billion U.S. dollars, before international sanctions were imposed on Iran, according to Mehr.

Competitors like Saudi Arabia and Qatar have seized Iran's share of petrochemical exports to Europe over the past years, and it is possible for Iran to regain the share within next two years, said Fariborz Karimaei, Deputy Director of Iran's Petrochemical Employers Association to Mehr.

Since the implementation of nuclear deal between Iran and the world powers and the lift of western sanctions on Iran's energy sector in January, Iran has been ramping up its oil production and relevant industries, expecting to claw back lost market share. Endit