Iran Freezes Petrochemical Exports In Bid To Stabilize Domestic Economy

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 16. Iran has suspended exports of petrochemical products in a move aimed at ensuring supply to the domestic market, Trend reports.

According to information, the National Petrochemical Company (NPC) of Iran has sent a directive to local petrochemical producers informing them of the decision. The move follows a resolution by the Supreme National Security Council, which emphasizes maintaining stable prices for petroleum and petrochemical products, preventing smuggling, and meeting the needs of domestic manufacturers producing end products.

However, Iran's petrochemical facilities sustained significant damage during the period from February 28 through April 7 amid airstrikes carried out by the United States and Israel. As a result, production of petrochemical products could decline by more than 70% if the affected plants are not restored. Petrochemical products previously accounted for 25% of Iran's non-oil exports.

Meanwhile, as no tangible progress was made in the nuclear negotiations between the U.S. and Iran, the situation escalated on February 28, when the United States and Israel launched military airstrikes against Iran. In retaliation, Iran initiated missile and drone strikes targeting Israeli and U.S. installations in the region. Following these developments, a two-week ceasefire agreement was brokered on April 7 through Pakistan's mediation. However, during subsequent talks between the U.S. and Iran in Islamabad on April 11, no consensus was reached.

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