High Hopes: This Time For Petrochemical Industry
Two-day Iran Petrochemical Forum (IPF), one of the biggest events in Chemical industry ended on December 14, in Tehran.
2000 participants from 25 countries, almost four times as many as in 2014, gathered to get the latest information on Iranian Chemical Industry developments.
The current production capacity of Petrochemical products in Iran is 60 million tons annually. Counting on the entrance of foreign investors after lifting the sanctions, Iran sets a milestone of increasing its production up to 130 million tons by 2020.
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Who is then supported: Purchasers or Producers?
After six weeks delay, Ministry of Industry and Business announced: “Supportive Program for Iranian Durable Goods is due next week.”The Central Bank injects €1m, through “2500€ Credit Cards” for average public, carrying 12% interest over 12 months return-period – not the 24 months announced initially.However, extending the plan to include imported provokes domestic producers revolt.With an average income of 600€/month, those eligible for this plan, should pay back 225€/month – about 40% of their income.Moreover fearing that injection of €1m rises the inflation, many ask whether this program has been the best option to help domestic producers?
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Iran Bans Import of American Products
Trade Promotion Organization of Iran has published a new list of the “American goods”, which their import will be prohibited from now on.
The list seems long and selective; it goes from “Toilet Paper” to “Tanks and other armoured fighting vehicles”, from “Green Tea” to “Toothbrush”, from “Furniture” to “Lamps”, “Batteries”, “CD/DVDs” and etc.
The importance of making such a list becomes bolder, when noticed that import from USA over the last 8 months was worth $64m only, according to Iran Costume Office, already 36% less than a year before.
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