Hassan Abbaszadeh, commenting on the foreign currency commitments of petrochemical companies, said that from the beginning of the Iranian year 1403 (March 20, 2024) until the end of Bahman (February 18, 2025), the petrochemical industry has exported approximately $12 billion worth of products. He noted that petrochemical companies have returned an equivalent amount of foreign currency to the country’s economic cycle.

Abbaszadeh stressed that a portion of the petrochemical industry’s foreign currency is allocated to purchases that the industry must source from abroad. He added that around $2 billion annually is spent on procuring necessary goods for the industry, including equipment, catalysts, and chemicals from foreign markets.

The CEO of the National Petrochemical Company clarified that over $9 billion of the remaining foreign currency earned by petrochemical companies since the beginning of the year until the end of Bahman has been delivered to the Central Bank of Iran’s system, which is used to meet the country’s essential needs.

Abbaszadeh continued, stating that despite energy imbalances during the cold months, which temporarily affected petrochemical companies and led to feedstock supply restrictions, foreign currency earnings in 1403 have not decreased compared to the previous year and have even seen an increase.

He reiterated that the petrochemical industry is committed to returning the foreign currency from exports to the country’s economic cycle, emphasizing that all currency obligations of petrochemical companies have been met. He explained that there is a necessary time lag between the export of goods and the return of foreign currency to the country once the goods reach their destination.

The deputy oil minister noted that petrochemical companies have an 80-day deadline to return their foreign currency to the Central Bank of Iran. However, he acknowledged that sometimes this 80-day period is not fully accounted for, and even the foreign currency from goods exported recently is considered part of the amount that must be returned.

Abbaszadeh stated that companies have delivered overdue foreign currency within the given deadlines, and the remaining amounts will be delivered on time. He also mentioned that some statistics being cited may belong to previous years, where statistical recording was common but obligations have not yet been fully settled.

He attributed some discrepancies between the National Petrochemical Company’s statistics and the Central Bank of Iran’s data to administrative processes. For instance, some petrochemical companies have made financing payments that have not yet been reported to the Central Bank of Iran by the operating bank. Additionally, the inclusion of export declarations in customs records can lead to statistical differences.

Abbaszadeh emphasized that petrochemical companies remain fully committed to returning their foreign currency to the country’s economic cycle.