US imposes sanctions on eight Iranian petrochemical firms

07 Jun '13

2 min read

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

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