Home / Knowledge / News / Textiles / US imposes sanctions on eight Iranian petrochemical firms
US imposes sanctions on eight Iranian petrochemical firms
07
Jun '13
The US Government has imposed sanctions on eight Iranian petrochemical firms and asked firms not to import petrochemicals from these companies.
 
The eight petrochemical companies on which sanctions are imposed are either owned or controlled by the Government of Iran. These are Bandar Imam Petrochemical Company, Bou Ali Sina Petrochemical Company, Mobin Petrochemical Company, Nouri Petrochemical Company, Pars Petrochemical Company, Shahid Tondgooyan Petrochemical Company, Shazand Petrochemical Company, and Tabriz Petrochemical Company. 
 
The sanctions are part of a series of actions taken by the US Department of Treasury to disrupt Iran’s efforts to evade international sanctions on its oil exports.
 
“As Iran’s oil revenues continue to fall due to international sanctions, the Iranian Government has increasingly turned to other industries to make up for lost profits.  One of these sectors is the petrochemical industry, which is now the second largest source of revenue for the Iranian Government,” a statement from the Treasury Department said.
 
The latest action by the US Administration is aimed at targeting Iran’s petrochemical revenue stream, as imposes sanctions on petrochemical companies that are controlled by the Iranian Government.
 
“We are committed to intensifying the pressure against Iran, not only by adopting new sanctions, but also by actively enforcing our sanctions and preventing sanctions evasion,” said Treasury Under Secretary for Terrorism and Financial Intelligence David S. Cohen.
 
 “We will continue to work with our partners around the world to ensure that the sanctions pressure on Iran builds so long as Iran continues to defy its obligation to comply with its international obligations,” Mr. Cohen said in the statement.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search