On 1 August, OFAC was reported to be taking action against companies used by Iran’s Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), one of the nation’s largest petrochemical brokers, to facilitate the sale of tens of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iran to East Asia. PGPICC is a subsidiary of Iran’s petrochemical conglomerate Persian Gulf Petrochemical Industry Co. (PGPIC), which accounts for half of all of Iran’s total petrochemical exports. 6 companies ( 1 UAE, 1 Chinese, 3 Hong Kong and 1 Singapore) and a Panamanian-flagged LPG tanker.
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