US sanctions companies facilitating Iran petrochemicals sale

By Al-Mashareq staff


An Iranian security guard stands outside the Mahshahr Petrochemical Complex in the southwestern province of Khuzestan on September 28th, 2011. The city of Mahshahr is notable for its petrochemical industry. [AFP/STR]

The US Treasury on Thursday (September 3rd) announced it is imposing sanctions on six entities for their support to Triliance Petrochemical Co. Ltd., an entity designated in January, and related activities.

These entities are based in Iran, China and the UAE, the Treasury's Office of Foreign Assets Control said in a statement.

"The Iranian regime uses revenue from petrochemical sales to continue its financing of terrorism and destabilising foreign agenda," said Treasury Secretary Steven T. Mnuchin.

In January, sanctions were imposed on Triliance and three other companies that have transferred exports from the National Iranian Oil Company, which helps to finance the Islamic Revolutionary Guard Corps' (IRGC) Quds Force and its proxies.

Triliance has used various front companies to purchase, or facilitate the purchase and movement of, petrochemical products from Iran, the Treasury said, including the companies designated Thursday.

The six entities designated Thursday "support Triliance's continued involvement in the sale of Iranian petrochemical products, including efforts by Triliance to hide or otherwise obscure its involvement in sales contracts", the Treasury said.

"Iranian petrochemical sales remain a key revenue source for the Iranian regime, helping to finance its destabilising support to corrupt regimes and terrorist groups throughout the Middle East and, more recently, Venezuela," it said.

Zagros Petrochemical Company (Iran), Petrotech FZE (UAE-based), Jingho Technology Co. Limited, Dynapex Energy Limited (Chinese entities based in Hong Kong), and Trio Energy DMCC (UAE-based) were designated for having materially assisted, sponsored or provided financial, material or technological support for, or goods or services to or in support of, Triliance.

Dinrin Limited (a Chinese entity based in Hong Kong) is being designated for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Zagros.

Also Thursday, the US Department of State imposed sanctions on five entities "for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport or marketing of petroleum or petroleum products from Iran".

They are Iran-based Abadan Refining Company; China-based Zhihang Ship Management Co. Ltd., New Far International Logistics LLC and Sino Energy Shipping Ltd.; and UAE-based Chemtrans Petrochemicals Trading LLC.

Three individuals who are principal executive officers of these entities also were designated for sanctions: Min Shi, employee of New Far; Zuoyou Lin, employee of Sino Energy; and Alireza Amin, employee of Abadan.

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