Iranian petrochemical giant sanctioned by the U.S. reports $10 billion in export revenues

An Iranian petrochemical producer sanctioned by the United States has generated $10 billion in oil export revenue over the last two years, “successfully navigating the restrictions of the sanctions era and wartime conditions”, according to the Fars News agency, as Al Jazeera reports.

The Persian Gulf Petrochemical Industries Group (PGPIG), a public holding company, presented the Iranian government with a report stating that the firm has entered a phase of “growing profitability and development”. According to the report, the company’s net profit last year reached 187.5 trillion tomans (around $700 million) — an increase of 67.4 per cent compared with the previous year — while production volume rose by 2 million tonnes.

“During the critical period marked by the imposed conflict and the naval blockade, and despite numerous challenges, the holding’s trade and export operations continued uninterrupted”, the report states, according to which around $10 billion in export revenue was repatriated to the country through the financial and banking system.

The U.S. sanctioned PGPIG in 2019 for providing financial support to the economic arm of the Islamic Revolutionary Guard Corps (IRGC), Iran’s elite military unit responsible for the ballistic missile and nuclear programmes.