Companies from Turkey, South Korea to ink new contracts with Iranian petrochemical companies

03-Jul-13

Turkish and South Korean companies are slated to sign new contracts with Iranian petrochemical companies despite the US-led western sanctions imposed against Iran, as per Fars News Agency. After the UN Security Council ratified a sanctions resolution against Iran on June 9, 2010, the United States and the European Union imposed further unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country's energy and banking sectors. Tehran has always dismissed West's pressures and stressed that sanctions and embargos merely consolidate Iranians' national resolve to continue the path of progress and will harm the economies of the supporters of sanctions. The US blacklisted eight companies in Iran’s petrochemical industry late last month. Most of the companies are private. The petrochemical companies owned or controlled by the Iranian government that are on the Treasury Department list include Bandar Imam Petrochemical Co, Bou Ali Sina Petrochemical Co and Mobin Petrochemical Co.