Officials: Iran needs a standalone shipping line for petchem exports

Quoting the managing director of Iran's Petrochemical Commercial Company (PCC) on Monday, 6 November 2017, the Financial Tribune said that Iran is in need of a standalone shipping line to handle the exports of petrochemical product.

At the moment, the nation has two major shipping companies - the IRISL, which handles the transport of non-oil goods, and the National Iranian Tanker Company that is responsible for the export of crude oil and condensates. PCC official claimed that in 2016, domestic companies paid $1.5 billion for the shipment of petrochemicals and polymers, which was about 15% of the total revenue from petchem exports.

“In order to cut cost, It is imperative to set up a joint shipping company for petrochemicals,” the managing director of PCC said. The official also underlined the fact that Iran is planning to double up petchem output to about 120 million tons by 2022 with a number of new customers emerging, including Argentina, Peru and New Zealand.