OFAC Sanctions Network of Companies Supporting Iran Energy Industry

The Treasury’s Office of Foreign Assets Control sanctioned four international petrochemical and petroleum companies that have transferred hundreds of millions of dollars worth of exports from the National Iranian Oil Company, Treasury said in a Jan. 23 press release. The NIOC is “instrumental” in Iran’s petroleum industry and helps finance Iran’s Islamic Revolutionary Guard Corps-Qods Force, the agency said. OFAC sanctioned Hong Kong-based broker Triliance Petrochemical Co., Hong Kong-based Sage Energy HK, Shanghai-based Peakview Industry Co. and Dubai-based Beneathco DMCC.

OFAC’s sanctions were accompanied by several designations issued by the State Department against “companies and senior executives” in connection with the transactions for the transfer of petrochemical products from Iran, the press release said. Others designated include Ali Bayandarian, Zhiqing Wang, Jiaxiang Industry Hong Kong and Shandong Qiwangwa Petrochemical Co.