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US Sanctions Target Iranian Petrochemical Entities and Malaysian Firms in East Asia Trade

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on nine entities across multiple jurisdictions for their role in producing, selling, and shipping hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum to buyers in Asia.

Sanctions Target Key Players in Petrochemical Trade

The designations were made under Executive Order 13846, targeting six Iran-based petrochemical manufacturers or their subsidiaries, as well as three firms in Malaysia and Singapore involved in facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd.

Sanctioned Entities:

• Amir Kabir Petrochemical Company (AKPC): a major polyethylene producer that has sold millions of dollars’ worth of low-density polyethylene to buyers in China.
• Simorgh Petrochemical Company: a fully owned subsidiary of AKPC, which is being added to the List of Specially Designated Nationals and Blocked Persons (“SDN List”).
• Four subsidiaries of Iran’s Marun Petrochemical Company: previously designated for supplying millions of dollars’ worth of petrochemicals to Triliance.
• Asia Fuel PTE. Ltd.: a Singapore-based firm that has facilitated the shipment of petroleum products worth millions of dollars to customers in East Asia.
• Sense Shipping and Trading SDN. BHD.: a Kuala Lumpur, Malaysia-based front company for Triliance that has facilitated Triliance’s shipment of tens of thousands of metric tons of petrochemicals to foreign customers.
• Unicious Energy PTE. Ltd.: a Singapore-based firm that serves an important role in Triliance’s network, coordinating millions of dollars in petroleum-related payments for other companies within the network.

Consequences of Sanctions

As a result of the sanctions, all property and interests in property of these targets that are in the United States or in the possession or control of US persons must be blocked and reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.

The designations are part of a broader effort by the US government to target Tehran’s sources of illicit revenue and enforce sanctions against those who facilitate this trade.

Source: “US Sanctions Target Iranian Petrochemical Entities and Malaysian Firms in East Asia Trade” is republished with permission from Breaking News 24/7.