MNA – CEO of the Persian Gulf Petrochemical Industries Company (PGPIC), in reaction to the recent US sanctions, said the group would continue with calm and according to its previous plans.

According to IRIB, CEO of the Persian Gulf Petrochemical Industries Company (PGPIC), Jafar Rabiei, said “our economic situation right now is faced with an economic war, and sanctions are one of the tools wielded by the other side in this war.”

He was reacting to the recently imposed sanctions by the United States on the group.

“At a time like this, we need to keep our composure and take steps on the previously predicted path. One should not overhype the situation in the other side’s favor,” he added.

On Friday, the United States imposed new sanctions on Iran that target the country's petrochemical industry, including its largest petrochemical holding group, the Persian Gulf Petrochemical Industries Company (PGPIC).

The US Treasury also designated the holding group's network of 39 subsidiary petrochemical companies and foreign-based sales agents.

The sanctions come amid heightened tension between Tehran and Washington, following the US unilateral pullout from the Iran nuclear deal, re-imposition of sanctions, and deployment of extra troops to the Persian Gulf region.