The US Department of the Treasury's Office of Foreign Assets Control (OFAC) took action on 7 June against Iran's largest and most profitable petrochemical holding group, Persian Gulf Petrochemical Industries Co. (PGPIC; Tehran), for providing financial support to Khatam al-Anbiya Construction, the engineering conglomerate of Iran's Islamic Revolutionary Guard Corps (IRGC). OFAC has also included PGPIC's network of 39 subsidiary petrochemical companies and foreign-based sales agents on the list. PGPIC and its petrochemical subsidiaries together hold 40% of Iran's total petchem capacity and are responsible for 50% of Iran's total petrochemical exports, the Treasury says.
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