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Petchem Products Credit Supply Reaches 7.1 Trillion Tomans

Petchem Products Credit Supply Reaches 7.1 Trillion Tomans
(Saturday, December 9, 2023) 11:11

TEHRAN (NIPNA) -- In the month of Aban (October-November) this year, the credit supply of petrochemical products soared to over 7.1 trillion Tomans (roughly $141.3 million), signifying a substantial boost in the sector's financial transactions, according to Abbas Gholami, the Director of Downstream Industries Development at the National Petrochemical Company (NPC).

Gholami emphasized that the credit supply of petrochemical products accounted for 34% of the total commodity supply on the commodities and energy exchange market during the mentioned period.

"The overall value of petrochemical product credit supply surpassed 7.1 trillion Tomans within the specified time frame," Gholami stated.

Highlighting the continuous revitalization of production units, Gholami emphasized the National Petrochemical Company's encouragement for petrochemical companies to engage in credit supplies.

He further detailed, "Various petrochemical companies and holdings are actively participating in this national strategy aimed at completing the value chain. Persian Gulf Petrochemical Industries Holding Company, TAPPICO Holding, West Holding, and Parsian Holding had credit sales of 46%, 36%, 30%, and 28%, respectively. Petro-Farhang Holding has yet to initiate any credit sales."

According to data, the credit supply of petrochemical products surged in recent months, showcasing a substantial increase from 3.2 to 7.2 million Tomans from Farvardin (March-April) to the beginning of Aban (October-November).

Addressing the hurdles faced by auxiliary industries in obtaining cash and circulating capital, the National Petrochemical Company has strategically provided over 41 trillion Tomans of credit supply to downstream petrochemical industries from Farvardin to early Aban of the Iranian year 1402 (2023-2024).

This surplus credit supply, beyond the revitalization of industrial units, has accelerated the development of final products, created maximum value-added, and significantly contributed to increased employment opportunities in the country's petrochemical sector.

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