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OFAC adds eight entitles from Iran, China, and Singapore due to petrochemical trades

04 Nov 2020

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Thursday (29 October) designated eight entities for their involvement in the sale and purchase of Iranian petrochemical products brokered by Triliance Petrochemical Co. Ltd. (Triliance), an entity designated by Treasury in January 2020.

These entities, based in Iran, China, and Singapore, engaged in transactions facilitated by Triliance or otherwise assisted Triliance’s efforts to process and move funds generated by the sale of those petrochemical products.

Iranian petrochemical firms Morvarid Petrochemical (Morvarid) and Arya Sasol Polymer Company (Arya Sasol) hold a substantial presence in the Iranian petrochemicals market. 

Morvarid has used the services of Triliance to broker the sale of tens of thousands of metric tons of petrochemicals, valued at tens of millions of dollars, to foreign buyers.

Likewise, since 2019, Triliance has brokered sales of petrochemicals valued at several million dollars from Arya Sasol.

As a customer of Arya Sasol, Singapore-based Jiaxiang Energy Holding Pte. Ltd has purchased the equivalent of millions of dollars in petrochemicals from Arya Sasol, sales which were brokered by Triliance.

Meanwhile, Morvarid, Arya Sasol, Triliance, and Jiaxiang Energy have used multiple Chinese companies to enable and hide the sale and purchase of Iranian petrochemical products.

Since 2019, Arya Sasol has used Binrin Limited to collect the proceeds of its foreign petrochemical sales, while Elfo Energy Holding Limited, Glory Advanced Limited, Jane Shang Co. Limited, and Sibshur Limited have been used by Triliance to help settle, process, and transfer millions of dollars in proceeds from petrochemical product sales.

Morvarid, Arya Sasol, Jiaxiang Energy, Elfo Energy, Glory Advanced, Jane Shang, and Sibshur are being designated, pursuant to E.O. 13846, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Triliance. 

Binrin Limited is being designated, pursuant to E.O. 13846, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Arya Sasol.

“The Iranian regime benefits from a global network of entities facilitating the Iranian petrochemical sector,” said Secretary Steven T. Mnuchin.

“The United States remains committed to targeting any revenue source the Iranian regime uses to fund terrorist groups and oppress the Iranian people.”


Published: 4 November, 2020

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