Iranian Petchem Firm Defies Sanctions to Double Profit

Iranian Petchem Firm Defies Sanctions to Double Profit
(Tuesday, June 13, 2023) 00:28

TEHRAN (NIPNA) -- An Iranian petrochemical company has doubled its net profit in the last fiscal year despite facing international sanctions that increased its export costs.

Fanavaran Petrochemical Company (FPC) said on Monday it made more than 30.7 trillion rials ($65.3m; £46.6m) in net profit for the year ending March 2021, up from 15.92 trillion rials ($33.9m; £24.2m) the year before.

The company said it managed to boost its profitability by investing in short-term and long-term projects, controlling costs and producing equipment and parts domestically.

It said it also saved 3.5 million euros ($4.2m; £3m) in hard currency last year by cutting its dependence on foreign suppliers.

FPC is one of Iran’s largest petrochemical producers, with an annual capacity of more than 1.6 million tonnes of various products.

Iran has been under US sanctions since 2018, when former President Donald Trump withdrew from a nuclear deal and reimposed restrictions on its oil and banking sectors.

The sanctions have hampered Iran’s ability to sell its oil and petrochemical products abroad, as well as to import essential goods and equipment.

Iran and six world powers are currently holding talks in Vienna to revive the nuclear deal and lift the sanctions.

($1 = 470,000 rials; £1 = $1.4; €1 = $1.2)

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