US TREASURY TARGETS COMPANIES SUPPORTING IRANIAN PETROCHEMICAL CONGLOMERATE

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.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220801

https://home.treasury.gov/news/press-releases/jy0901

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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