Since May 1, European Union-based insurers have been barred from providing insurance cover for Iranian petrochemical shipments to even non-EU countries under EU sanctions against the Islamic Republic over its nuclear program.
China, which was a key buyer of methanol from Iran, bought 38,423mt of methanol from Iran immediately after the sanctions in June. Prior to the sanctions, Iran sent an average of more than 100,000mt/month of methanol to China, Chinese customs data showed, with volumes exceeding 200,000mt on some months.
India does not provide any official import/export data. But traders estimate that "in September, a ball park estimate of Iran imports would be 60,000mt". This estimated volume is higher than the typical 40,000-45,000mt/month that was imported before the sanctions, a trader said.
One end-user of methanol estimated that India is importing around 60-65% of its methanol requirements from Iran this year, compared to around 50% last year.
Iranian officials in August 2011 boasted the country's astonishing progress in producing petrochemical products, saying that Iran ranks first in synthesizing methanol in Asia.
Iran's total petrochemical products hit 13.9 million tons during the first four months of the current Iranian year (started March 21), Director of the National Iranian Petrochemical Company (NIPC) Abdolhossein Bayat said at the time.
Bayat mentioned that 9 million tons of the said figure, valued at $6.7 million, were sold, including some 3.6 million tons exported to foreign countries and the rest sold in domestic markets.
Iran currently produces 60 types of petrochemical products, he said, noting that Iran ranks first in the production and sales of methanol in Asia and second in Europe.
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Recent reports from India said that the Southeast Asian state imported 60,000mt of methanol from Iran in September which is higher than the typical 40,000-45,000mt/month imported before the imposition of western sanctions against Tehran.
News ID 182902
