With removal of sanctions, Iran has resumed sending loads of petrochemical products to Egyptian destinations.

With removal of sanctions, Iran has resumed sending loads of petrochemical products to Egyptian destinations, Mehr news agency reported.

The first such load marks a new era in Iran-Egypt oil trade. Pars Special Energy Economic Zone Customs Office published a report where it announced resumption of exports of oil and petrochemical products to Egypt, however the report is reticent about the details of the volume and type of the products.

The report estimated that in the first 10 months of the Iranian year (beginning March 21, 2015), 9.3 million metric tons of gas condensates and 20.6 million metric tons of petrochemical products such as heavy and light polyethylene, mono and diethylene glycol, tri-ethylene glycol, urea, butane, propane, paraxylene, and methanol worth of $10.5bn had been exported from Assaluyeh. In addition to Egypt, other countries such as China, Japan, UAE, India, Turkey, Iraq, Taiwan, Thailand, Malaysia, Vietnam, Afghanistan, Pakistan, Armenia, Russia, Mozambique, Syria, Turkmenistan, Tajikistan, Ukraine, Qatar, Tanzania, the Philippines, Ghana, Kenya, Republic of Azerbaijan, Georgia, South Korea and Mexico had been important destinations for Iran’s exports.

Amir Hussein Zamaninia, Deputy-oil Minister for International Affairs had told in an interview with Mehr News that Iran was prepared to resume exports of its petrochemical products to Egypt; “we hope to see oil deal would bring bilateral relations for new highs,” he was quoted as saying. Roknoddin Javadi, NIOC managing director had announced that Iran had no set any limits for export of petrochemical products to Egypt and will welcome any official proposal for oil deal. Seyed Mohsen Qamsari, a third official of oil ministry, also told Mehr News that removal of sanctions would definitely bring a positive trend to Iran-Egypt oil relations, and that “Iran will be able to export larger volumes of oil through Sumed pipeline (also known as Suez-Mediterranean pipeline) to Europe.”

Tareq el Molla, Egyptian Minister of Petroleum had told Reuters earlier that Sumed-transported oil volume would rise significantly with Iran entering oil markets; “Cairo welcomes the event,” Mr. Molla added. First Undersecretary for Gas Affairs at Egypt’s Petroleum Ministry, Sherif Sousa attended the 3rd Gas Exporting Countries Forum in Tehran and conveyed Egyptian president’s message to President Rouhani.

In a more recent development, Egypt’s envoy in its Interest Section in Tehran had been invited by Pars Special Energy Economy Zone for a visit to South Pars phase development in Assaluyeh.