Iran’s Petrochemical Commercial Company (PCC) has re-activated its account with the European banks after lapse five years.
Following the signing of a trade contract with the Association of Spanish Manufacturers, it was required that a bank agreement was signed with Spanish banks as a guarantee, the PCC Managing Director Mehdi Sharifi Niknafas told Shana.
With signing of an escrow account agreement between PCC and a European bank last July, the ban on the transaction of money for export deals was lifted, he said.
“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 Niknafas, after serious and continued follow-up measures and with the passage of five years, 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.
“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 Petrochemical Commercial Company is the largest supplier of Iran’s Petrochemical products to the international markets. It is also one of the major Middle-Eastern companies involved in marketing and sales of petrochemical products to the domestic and overseas markets.