Iran’s Jam Petrochemical Company announced Saturday that a consignment of linear low density polyethylene (LLDPE), measuring 2,000 tons with a total value of over $2 million, will be shipped to Belgium next week.
The company says the resumption of petrochemical exports to Europe coincides with the revival of a shipping route for similar exports to Turkey.
International clients - under a tight regime of US-led sanctions - were banned from buying petrochemicals from Iran over the past few years.
The ban was lifted last year following breakthroughs in nuclear talks between Iran and the P5+1 group of world powers.
Iran produced 40 million tons of petrochemicals in the last calendar year (ended March 20), with $9 billion worth of its products being exported.
The country, which is a major oil exporter, plans to increase its petrochemical exports to $12 billion this year.
Iran has significantly expanded the range and volume of its petrochemical production over the past few years.
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