In response to the ongoing Iranian nuclear issue, European and Middle Eastern banks have significantly tightened their credit policies toward Iran. Many have even stopped providing credit guarantees, creating challenges for Iranian businesses that rely on international financing. As a result, petrochemical companies in Iran are now turning to Asian banks in search of alternative financial support.
For instance, after a German bank refused to issue a credit guarantee, an Iranian company that produces polyethylene pipes had to halt its imports of high-density polyethylene (HDPE) from Germany. The firm consumes approximately 35,000 tons of HDPE annually, with 90% sourced from abroad. Previously, most of its supply came from Germany, but it has now shifted to Korean banks and started importing HDPE from South Korean suppliers. Another major Iranian chemical trading company has also announced that it is exploring Asian sources for its imports. If the nuclear situation remains unresolved, more Iranian firms may follow suit, seeking alternatives outside of Europe.
However, not all Iranian petrochemical companies face the same challenges. The Iranian Petrochemical Commerce Company (IPCC), part of the National Petrochemical Company, is not affected by these credit restrictions due to its existing funds held in European banks. While IPCC occasionally needs to purchase certain petrochemical products to meet user demands, it has not faced any significant issues so far.
In the six months from April to September last year, Iran’s petrochemical sector produced 10 million tons of products, with 3 million tons exported. Despite this, some domestic products still fall short of meeting local demand, necessitating imports of specific materials such as polymers and solvents. For example, while Iran can produce 80,000 tons of polystyrene annually, it still needs to import several thousand tons each year to bridge the gap between production and consumption. This highlights the ongoing reliance on foreign markets, even as companies seek new financial and supply chain solutions.
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