US sanctions targeting Iranian petrochemicals and complicit companies

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Source: London – Saleh Hameed

The US Treasury Department’s Foreign Assets Control (OFAC) announced Thursday that it has imposed sanctions on two people and four Iranian and Chinese petrochemical and oil companies that have transported Iranian National Oil Company (NIOC) exports. The company is accused of financing the Iranian Revolutionary Guard and its terrorist agents.

According to the US Treasury statement, Iranian oil and petrochemical industries are major sources of income for the Iranian regime to fund malicious activities across the Middle East. The statement added that the entities that were punished were facilitating Iran’s petrochemical and oil exports in violation of the US economic sanctions.

Oil to finance terrorism

“The petrochemical and oil sectors in Iran are the two main sources of financing for the terrorist activities of the Iranian regime, and they can continue to use violence against its people,” said US Treasury Secretary Steve Mnuchin.

The sanctions, Thursday, mainly included Triliance Petrochemicals Limited, a Hong Kong-based brokerage company with branches in Iran, China and Germany.

In 2019, the company transferred the equivalent of millions of dollars to the Iranian National Oil Company NIOC as a payment for Iranian petrochemicals, crude oil and petroleum products, according to the US Treasury statement.

Hide origin of shipments

In order to facilitate these shipments, Trilliance worked to conceal the Iranian origin of these products. It has also facilitated the sale of petroleum products in the millions of dollars, which includes “Iran Naftiran Intertrade Company”, a subsidiary of the National Iranian Oil Company, to companies in China.

In addition, Trilliance has undertaken similar activities with the Kish Petrochemical Company, a branch of Trilliance based in Iran, recently changed its name to Tiba Parsian Kish Petrochemical.

As for the punished individuals: Ali Benderan (Iranian nationality), as well as Ji King (Chinese), in addition to the following entities:
Pentako DCMCC.
Jiasiang Corporation
– Bekyo Company.
SIG Energy Company.
Shandong Kaiwanghua Petrochemical Company.
– Trilliance Company.







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