Abbas Gholami stated that offering petrochemical products on the
commodity exchange as a solution to address the financing challenges faced by
downstream industries for purchasing raw materials has gained more traction
since the implementation of this plan since last December.
He added that the transformation of petrochemical products into final
products leads to an increase in added value, job creation, and the expansion
of exports. Petrochemical products have taken several steps away from raw
material sales.
The Head of Downstream Industries Development at the National
Petrochemical Company noted that capital supply remains the biggest challenge
for downstream industries because producers lack the liquidity to purchase raw
materials, and bank facilities are not readily available.
Gholami stated that they have encouraged petrochemical companies to
engage in credit sales on the commodity exchange, especially in the methanol
sector, where many petrochemical complexes had not previously offered credit.
This approach has yielded positive results.
He further explained that when a company purchases from the commodity
exchange, it acquires shares in the exchange's allocation system and buys the
company according to the rules of the exchange. In addition to this, it passes
through two more filters. The bank must guarantee the company and financial
experts examine the financial statements of downstream and complementary
industries for confirmation. Furthermore, in addition to the bank's
confirmation, the selling petrochemical company also approves the list.
Gholami concluded by mentioning that they have obtained the buyer lists
from several petrochemical complexes, where real producers have conducted
credit purchases, resulting in increased production due to credit offerings.