• Mon. Feb 13th, 2023

US Treasury Sanctions Iranian Petrochemical Network and its Front Companies

Image credit: John Vachon

Washington D.C. – The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against a network of Iranian petrochemical producers and front companies in China and the United Arab Emirates that support Triliance Petrochemical Co. Ltd. and Iran’s Petrochemical Commercial Company (PCC). The network is instrumental in brokering the sale of Iranian petrochemicals abroad, making international transactions and evading sanctions.

Triliance is a petrochemical company based in China and has been designated by OFAC for facilitating the sale of Iranian petrochemical and petroleum products worth hundreds of millions of dollars to foreign customers, including China. The United States is taking this action under Executive Order 13846 and builds upon prior designations of Triliance and PCC.

Three Iranian petrochemical companies, Marun Petrochemical Company, Kharg Petrochemical Company Limited, and Fanavaran Petrochemical Company have been designated for having materially assisted, sponsored, or provided support to Triliance. The front companies Hong Kong-based Keen Well International Limited, Teamford Enterprises Limited, and several front companies in the UAE have been designated for having materially assisted, sponsored, or provided support to Triliance.

Jingfeng Gao, also known as Jeff Gao, a broker based in China for Triliance, and Mohammad Sharafi, a UAE-based facilitator for Triliance have also been designated.

“The United States will continue to expose the networks Iran uses to conceal sanctions evasion activities,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson.

These sanctions are part of the United States’ continued efforts to limit exports of petroleum, petroleum products, and petrochemical products from Iran. The United States will continue to take actions against entities and individuals who support Iran’s illicit activities and violate sanctions imposed by the U.S. government.