January 23, 2020

US sanctions persons supporting Iran’s petrochemical and petroleum industries

The Office of Foreign Assets Control of the US Department of the Treasury has designated four international companies for facilitating Iran’s petrochemical and petroleum exports in contravention of US sanctions.  Specifically, Triliance Petrochemical Co. Ltd., Sage Energy HK Limited, Peakview Industry Co. Limited, and Beneathco DMCC are designated pursuant to Executive Order 13846 for providing material assistance, technological support or goods and services in support of the National Iranian Oil Company, a Specially Designated National.  According to OFAC, the National Iranian Oil Company has been instrumental in financing Iran’s Islamic Revolutionary Guard Corps-Qods Force.

In a parallel action, the US Department of State has designated two Hong Kong-based companies, Triliance Petrochemical and Jiaxiang Industry Hong Kong Limited, and one Chinese company, Shandong Qiwangda Petrochmical Co. Ltd. pursuant to Executive Order 13846, for engaging in a significant transaction involving petrochemical products from Iran.  The Department of State also designated two executive officers of these companies.

Following these actions, all US property of the designated persons is blocked, and US persons are generally prohibited from engaging in transactions with them.  Furthermore, foreign financial institutions risk exposure to US sanctions if they knowingly facilitate transactions supporting these designated persons.

US Dept of the Treasury press release | US Dept of State press statement