Restarting the Cooperation between Iran’s Petrochemical Commercial Company and Europe Banks


The Iran's Petrochemical Commercial Company (PCC) Managing Director Mehdi Sharifi Niknafas told Shana that it was required a bank agreement to be signed with Spanish banks as a guarantee, following the signing of a trade contract with the Association of Spanish Manufacturers.


The ban on the transaction of money for export deals will be lifted with signing of an escrow account agreement between PCC and a European bank last July, , he continued.
“Therefore, it was stipulated that following removal of the sanctions imposed on export of petrochemical products based on the initial nuclear agreements reached between Iran and P5+1 in Geneva in 2013, the PCC can pass through the planned process.”


According to Iran's Petrochemical Commercial Company (PCC) Managing Director, the cash pertaining to the first consignment before implementation of the nuclear Joint Comprehensive Plan of Action (JCPOA) was transferred to the PCC account with a European bank after five years.

“We hope to secure the stand we deserve and to further develop the petrochemical industry in the post-JCPOA era when international limitations are lifted,” he said.


The largest supplier of Iran’s Petrochemical products to the international markets proves to be the Petrochemical Commercial Company. The company is also one of the major Middle-Eastern companies involved in marketing and sales of petrochemical products to the domestic and overseas markets.