Iran scrambles to lift petrochemical sales as sanctions hammer oil

LONDON/DUBAI/SAO PAULO: Iran has been racing to step up exports of petrochemicals and tap new markets to compensate for sliding oil sales, Iranian and international industry sources said, but now risks losing that crucial revenue as Washington tightens the screw on sanctions.

Tehran has been selling increased volumes of petrochemical products at below market rates, in countries including Brazil, China and India, since the United States reimposed sanctions on Iranian oil exports in November, according to the six sources who include two senior Iranian government officials.

Available ship-tracking data also points to a rise in monthly shipments since then.

The scramble to bolster petrochemical sales could be an indication of how successful the US administration of Donald Trump has been in choking off Iran’s oil revenues, which have fallen further than under previous sanctions in 2012.