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BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

Iranian Petrochemicals and Fuel Sales Boom Despite Sanctions

  • By Al Mayadeen Net
  • Source: Reuters
  • 17 Sep 2021 18:18
2 Min Read

Iran's revenue from exporting petrochemicals fuel booms, although its crude oil industry is being hit harder by US sanctions.

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  • Iranian Petrochemical products are harder to track by US treasury
    Iranian Petrochemical products are harder to track by the US treasury

According to a report by Reuters, despite US stringent sanctions, Iranian fuel and petrochemical exports continued to boom in recent years. This will be "leaving Iran well placed to expand sales swiftly in Asia and Europe if Washington lifts its curbs," trading sources and officials said.

In 2018, the United States imposed sanctions on the Islamic Republic's main energy sectors: oil and gas industries. The aim of these sanctions was to "choke off the Islamic Republic's main source of revenues in a dispute with Tehran over its nuclear work", the report added.

Since it is more difficult to trace fuel and petrochemicals, the sanctions mainly affected Iranian crude oil exports.

Related News

White House reportedly pauses new US sanctions on Iran amid talks: WSJ

Diplomatic sources deny US reports about details of Iran-US deal

Hosseini: The ways of evading sanctions are endless

The Islamic Republic's exports of petrochemicals and petroleum products increased to almost $20 billion in 2020, "twice the value of its crude exports", oil ministry and central bank figures show. The government said in April that these were its main source of revenues.

Hamid Hosseini, Board Member of Iran's Oil, Gas and Petrochemical Products Exporters' Union in Tehran, told Reuters that "the world is vast and the ways of evading sanctions are endless." 

Many factors contribute to the methods Iran resorts to in order to avoid sanctions. These factors include "competitive prices and Iran's location, which is close to major shipping lanes," as Hosseini summed up.

Iran also exports some of its fuel to its "neighbors, which involve small transactions that are tough for the US Treasury to detect," the report concluded.

  • US sanctions on Iran
  • Sanctions on Iran
  • Iran
  • Crude oil

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