Imposing Sanctions on Entities for Engaging in Transactions Related to Iran’s Petroleum and Petrochemical Industry

Today, the Department of State imposed sanctions on five entities, under section 3(a)(ii) of Executive Order (E.O.) 13846, for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.  The Department of State also imposed sanctions, under section 5(a)(vii) of E.O. 13846, on three individuals who serve as principal executive officers of the sanctioned entities, or perform similar functions and with similar authorities as a principal executive officer. Iran’s petroleum industry is a  major sources of revenue for the Iranian regime and funds its malign activities throughout the Middle East.

This action today reaffirms the United States’ commitment to denying the Iranian regime the financial resources it needs to fuel terrorism and other destabilizing activities.  We call yet again on the regime to stop undermining the Iranian people’s prosperity by exploiting Iran’s natural resources to sow chaos and destruction.  The entities sanctioned today are Iran based Abadan Refining Company, China based Zhihang Ship Management CO LTD, Hong Kong based New Far International Logistics LLC and Sino Energy Shipping LTD., and United Arab Emirates (UAE) based Chemtrans Petrochemicals Trading LLC.  The individuals sanctioned today are Min Shi, employee of New Far; Zuoyou Lin, employee of Sino Energy; and Alireza Amin, employee of Abadan.

The Department of the Treasury also imposed sanctions on six entities for their support to Triliance Petrochemical Co. Ltd. (Triliance), an entity designated by Treasury and State in January 2020, and for related activities.  These entities, based in Iran, UAE, and Hong Kong, support Triliance’s continued involvement in the sale of Iranian petrochemical products, including efforts by Triliance to hide or otherwise obscure its involvement in sales contracts.  These entities are Iranian company Zagros Petrochemical Company; UAE based Petrotech FZE (located in the Hamriya Free Zone, Sharjah, UAE,) and Trio Energy DMCC; and Hong Kong based Jingho Technology Co. Limited, Dynapex Energy Limited, and Dinrin Limited.

All entities targeted today continued to facilitate Iran’s export of petroleum, petroleum products and petrochemicals contrary to U.S. sanctions.  This is another warning that the United States will not waiver in its commitment to sanctions enforcement.  The Iranian regime must cease its destabilizing activities.  Our sanctions will remain in place until Iran changes its behavior.