Washington: The United States today imposed sanctions on a network of Iranian petrochemical producers and front companies in the People’s Republic of China (PRC), the United Arab Emirates, and Iran that support Hong Kong-based Triliance Petrochemical Co. Ltd. and Iran’s Petrochemical Commercial Company (PCC), entities instrumental in brokering the sale of Iranian petrochemicals abroad.
“This network helps effectuate international transactions and evade sanctions, supporting the sale of Iranian petrochemical products to customers in the PRC and other parts of East Asia,” Antony J. Blinken, the US Secretary of State, said. He added: “The Biden Administration has been sincere and steadfast in pursuing a path of meaningful diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action (JCPOA). Absent a deal, we will continue to use our sanctions authorities to limit exports of petroleum, petroleum products, and petrochemical products from Iran.”
Today’s action builds upon the past designation of Triliance and the identification of PCC. Triliance was designated on January 23, 2020, for facilitating the sale of Iranian petrochemical and petroleum products worth hundreds of millions of dollars from the National Iranian Oil Company to foreign customers, including in the PRC. PCC was identified on November 5, 2018, for being wholly owned by the Government of Iran.
Offering details, the US Treasury Department stated that in 2021, Triliance purchased petrochemicals from Iran-based Marun Petrochemical Company worth over $13 million, including glycols to be shipped to the PRC. Iran-based Kharg Petrochemical Company Limited (Kharg Petrochemical) sold Triliance tens of thousands of metric tons of Iranian petrochemicals, including naptha, butane, and propane, ultimately destined for the PRC. Iran-based Fanavaran Petrochemical Company (Fanavaran Petrochemical) sold Iranian petrochemicals, including methanol, valued in the tens of millions of dollars to PCC, ultimately destined for the PRC.
Marun Petrochemical and Kharg Petrochemical were today designated for having materially assisted, sponsored, or provided financial, material, or technological support for, or good or services in support of, Triliance. Fanavaran Petrochemical was designated for having materially assisted, sponsored, or provided financial, material, or technological support for, or good or services in support of, PCC.
Besides, the US designated Keen Well, Teamford, GX Shipping, Future Gate, Sky Zone, and YouChem for having materially assisted, sponsored, or provided financial, material, or technological support for, or good or services in support of, Triliance.
Offering details, the Treasury Department said that in 2020, Hong Kong-based Keen Well International Limited (Keen Well) was used to process payments on behalf of Triliance for the shipment of Iranian naptha, valued in the millions of dollars, to Singapore. Hong Kong-based Triliance front company Teamford Enterprises Limited (Teamford) facilitated transactions on behalf of Triliance involving the shipment of Iranian sourced petrochemicals to East Asia.
It said Triliance relies upon several front companies and partners in the UAE to support its operations. GX Shipping FZE (GX Shipping) concealed the source of Iranian petrochemicals in order to further Triliance’s business and evade sanctions. Triliance also used the front company Future Gate Fuel and Petrochemical Trading L.L.C. (Future Gate) to conceal its involvement in the purchase of Iranian petrochemicals valued at more than $10 million. Sky Zone Trading FZE (Sky Zone) concealed Triliance’s involvement in petrochemical transactions and purchased over $10 million worth of Iranian petrochemicals on behalf of Triliance. Youchem General Trading FZE (Youchem) concealed Triliance’s involvement in petrochemical transactions and received payments on behalf of Trio Energy DMCC, an OFAC-designated Triliance front company. Trio Energy DMCC was designated pursuant to E.O. 13846 on September 3, 2020, for brokering the sales of tens of thousands of metric tons of petroleum products on behalf of Triliance.
Moreover, the US also designated Triliance’s facilitators Jingfeng Gao – a China-based broker also known as Jeff Gao, who it claimed was involved in multi-million-dollar transactions for Iranian petrochemicals on behalf of Triliance; and Mohammad Shaheed Ruknooddin Bhore (Bhore), an India-based Indian national, who it claimed manages multiple Triliance front companies, including Dynapex Energy Limited, Petroliance Trading FZE, and YouChem. Dynapex Energy Limited was designated on September 3, 2020, for facilitating the shipment and resale of tens of thousands of metric tons of petrochemical products worth millions of dollars on behalf of Triliance. Petroliance Trading FZE was designated on December 16, 2020, for acting as a front company of Triliance.
– global bihari bureau
