-- Iran has suspended exports of all petrochemical products to prioritize domestic needs and curb price volatility, following Israeli attacks on its petrochemical facilities, according to multiple media outlets.
The Supreme National Security Council has reportedly issued a directive to ban exports until further notice to prevent a shortage of raw materials used by the downstream industry.
The export suspension was first reported by Iranian news agencies, citing a letter from a senior National Petrochemical Company official to the chief executives of petrochemical complexes.
Israeli strikes on Apr. 4 and 6 have damaged pipelines and power supply at key petrochemical production hubs in Asaluyeh and Mahshahr, ICIS reported.
Despite supply disruptions and rising global prices, the government has kept domestic petrochemical prices at pre-war levels to support consumers, Reuters reported.
The instruction to cease petrochemical exports followed the US blockade of the Strait of Hormuz, which began on Apr. 13. The blockade aims to curtail Iran's exports.
National Petrochemical Company did not immediately respond to' request for comment.
Iran is a major producer of chemicals such as methanol, ammonia, urea, plastics and polymers, and reportedly exports about 29 million metric tons of petrochemical products annually.