Hassan Abbaszadeh, Deputy Petroleum Minister and CEO of the National
Petrochemical Company (NPC), said the sector had exported approximately $12
billion worth of petrochemical products between March 2023 and February 2024
and returned the equivalent foreign currency to the country’s financial system.
“A portion of these revenues is allocated to essential imports for the
industry, including equipment, catalysts, and chemicals, amounting to about $2
billion annually,” Abbaszadeh said.
He added that more than $9 billion had been transferred to the Central
Bank of Iran (CBI) to meet national economic requirements.
Despite energy supply challenges during the winter months, which
impacted feedstock availability for petrochemical firms, the sector’s foreign
exchange earnings increased compared to the previous year, Abbaszadeh noted.
Petrochemical companies have up to 80 days to return their export
proceeds to the CBI, but statistical discrepancies sometimes arise due to
delays in the administrative process, he said.
“Some financial transactions, such as repaying financing obligations,
may not yet be reflected in the central bank’s records, leading to differences
in reported figures,” Abbaszadeh stated. He reaffirmed that petrochemical firms
remain fully committed to repatriating their export revenues in accordance with
regulatory requirements.