Iran plans to set up a petrochemical hub in Austria in order to better access its target markets in Eastern Europe, said a senior Iranian petrochemical official in a report.

Iran’s Petrochemical Commercial Company recently signed a memorandum of understanding (MoU) with an Austrian company to set up a petrochemical hub to access petrochemical markets in Eastern European countries such as the Czech Republic, Bulgaria and Slovakia, Mehdi Sharifi Niknafs managing director for Petrochemical Commercial Company, was quoted as saying in an Iran Daily News report.

He said that Iran needs to put on display the potentialities and capabilities it developed under the sanctions by holding exhibition.

Niknafs further called for holding expos in Iran to better present its petrochemical activities and achievements to the world.

He noted that the company has been in talks with a number of European delegations to increase petrochemical exports to Europe.