Iran calls for establishment of petchem OPEC

TEHRAN (FNA)- An Iranian official said that the country, as one of the significant producers and exporters of petrochemicals in the region, has called for setting up a petchem body with the framework of OPEC in a bid to safeguard common interests of the organization’s members when the crude prices fall.

“Due to membership of most Middle-Eastern oil producers in OPEC, a petrochemical body within this organization has for the first time proposed to be set up,” Deputy Head of Iran’s National Petrochemical Company Mohammad Hassan Peyvandi said.

He said that the price of petrochemicals has dropped due to crude oil price fall, and added that industrial countries import crude oil and when oil prices fall naphtha prices slump and therefore petrochemicals’ price will drop in the market.

OPEC is an intergovernmental organization that was created at the Baghdad Conference in September 1960, by Iran, Kuwait, Iraq, Saudi Arabia and Venezuela. Later it was joined by nine more members, including Libya, United Arab Emirates, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, and Gabon.

OPEC was headquartered in Geneva, Switzerland before moving to Vienna, Austria, in September 1965.

By Fars News Agency


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