US Treasury sanctions Iran’s largest petchems group

摘要

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