Iran's Petrochem Revenues to Drop by 30 Pct over COVID-19

Iran's revenues from exports of petrochemical products will decrease by nearly one third as the novel coronavirus pandemic has posed an adverse effect on the international market, Press TV reported on Saturday.

The revenues from petrochemical exports will fall by at least 30 percent in the current year compared with that of the previous year, said a report of the parliament's Research Center.

The main reason for the slump will be the depressed prices in the international market as well as problems with transportation of goods across the borders and on the sea, it said.

The slump in demand will directly affect Iran's sale of methanol, liquefied petroleum gas, and aromatics, while the demand for other products like polymers, urea and ammonia will gradually decrease over the next months, it added.

The petrochemical exports have served as a main component of Iran's foreign currency income since the United States imposed its sanctions on the country's crude exports in November 2018.

According to Press TV, Iran's petrochemicals sector generates around 12 billion U.S. dollars per year in export revenues.