"Prices for Iran's petrochemical products have decreased by about 20 percent," a member of the Board and advisor to the National Petrochemical Company (NPC) President told ILNA.
Abdolhossein Bayat said in an exclusive interview with ILNA that the fall of global demand and the collapse of crude oil prices have affected the prices of petrochemical products, and we have seen a 15 to 20 percent drop in prices.
On the negative impact of the global coronavirus outbreak on the energy market, he said "There is no problem in terms of the export of petrochemical products and coronavirus has not created an obstacle."
"We have seen a drop in foreign exchange earnings during this period, but we will also see an increase in exports after the implementation of several projects by the end of this year," he added.
"The reason for the decrease in the price of petrochemical products was due to the decrease in the price of oil, which had reached below $ 10," Bayat confirmed.
Global trade has been heavily affected by the restrictions put in place to stop the spread of Covid-19. earlier this month, the World Trade Organisation predicted that global trade would fall between 13 percent and 32 percent in 2020, with all regions facing double-digit declines.
According to reports, Iran's last year’s production was equivalent to 2018 (close to 30 million tons) and NPC’s total earnings in 2019 stood at $14.5 billion.