PCC head dismisses claim on frozen Iranian assets in China

MNA – Iran’s Petrochemical Commercial Company (PCC) Managing Director dismissed claims on Iranian assets for petrochemical products exports being frozen in China, saying there are only some difficulties in payment.

Petrochemical Commercial Company (PCC) Managing Director Mehdi Sharifi Niknafas told reporters that Iranian assets have not been frozen in China, but there are some difficulties in the paying process; “the main cause for the current difficulties is that anti-money laundering laws have come into effect in China since the beginning of May, under which some strict restrictions have been placed on exports of petrochemical products and transfer of money,” he said.

He went on to add, “another issue is that Chinese banks have not yet removed Iranian banks and companies from the high risk list for cooperation.”

“To settle these issues, Economy Minister Ali Tayebnia has held some negotiations with Chinese officials,” he said.

According to Sharifi, about 40 per cent of Iran’s petrochemical products and 60-70 per cent of the country’s polymer materials are exported to China, therefore dismissing the Chinese market, despite the current difficulties, is not an option.