Jul 9, 2014, 1:00 PM
News Code: 2720763
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PG Holding welcomes new price regulations

Tehran, July 9, IRNA - The government’s initiative to offer petrochemical products on mercantile exchange has not only become more transparent, but will also raise the profits of the petrochemical plants, said an official.

The managing director of the Persian Gulf Holding Adel Nejadsalim made the above remark to SHANA on Wednesday. Nejadsalim added that the petrochemical companies comprising the Persian Gulf Holding will not only benefit from shifting of the benchmark of petrochemical products to the rate of foreign exchange in free market, but will also raise profits from the new prices for polymeric and petrochemical products.

“By announcing the new regulations, the Persian Gulf Holding’s companies will experience profiting as capital market, and will witness a time of economic prosperity”, Nejadsalim said.

He further noted that during the first three months of the current Iranian year (started March 21, 2014), the Persian Gulf Holding managed to supply 4.617m tons of petrochemicals into different markets including 2.278m tons of petrochemical products to domestic market, worth 49.697b rials.

Expressing satisfaction with the volume of exports, Nejadsalim said that the Holding could export 1.99m tons of petrochemical products to other countries worth $1.12b.

Out of the 15 petrochemical companies which comprise the Persian Gulf Holding, 7 companies produce petrochemicals, 2 provide utilities and the remaining companies are either commercial or service companies.