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OFAC sanctions Iranian energy sector

OFAC has added the following entities:

BLUE CACTUS HEAVY EQUIPMENT AND MACHINERY SPARE PARTS TRADING L.L.C. (Arabic: بلو کاکتوس لتجارة قطع غیار اللت و المعدات الثقیلة ش.ذ.م.م) (a.k.a. BLUE CACTUS HEAVY EQUIPMENT & MACHINERY SPARE PARTS TRADING L.L.C.), P.O. Box 126242, United Arab Emirates; Plot No. 117-635, Dubai, United Arab Emirates; Additional Sanctions Information - Subject to Secondary Sanctions; Organization Established Date 13 Aug 2015; Commercial Registry Number 1185785 (United Arab Emirates); Registration Number 738453 (United Arab Emirates) [IRAN-EO13846] (Linked To: PERSIAN GULF PETROCHEMICAL INDUSTRY COMMERCIAL CO.). 

FARWELL CANYON HK LIMITED, Mau Lam Comm Bldg, 16-18 Mau Lam Str Jordan K1, Hong Kong, China; Additional Sanctions Information - Subject to Secondary Sanctions; Organization Established Date 25 Nov 2020; Registration Number 2996965 (Hong Kong) [IRAN-EO13846] (Linked To: PERSIAN GULF PETROCHEMICAL INDUSTRY COMMERCIAL CO.).

GOLDEN WARRIOR SHIPPING CO. LIMITED, 9th Floor, Block C, Qingdao Plaza, 381, Dunhua Lu, Shibei Qu, Qingdao, Shandong 266034, China; Unit D, 16/F, One Capital Place, 18 Luard Road, Wan Chai, Hong Kong, China; Identification Number IMO 6128561; Registration Number 2880066 (Hong Kong) [IRAN-EO13846].

PIONEER SHIPMANAGEMENT PTE. LTD., 24-07, Shenton House, 3, Shenton Way, Singapore 068805, Singapore; Identification Number IMO 6153011; Registration Number 202010068K (Singapore) [IRAN-EO13846].

PZNFR TRADING LIMITED (a.k.a. PZNFR TRADING SDN BHD), Room 023, 9/F Blk G Kwai Shing Ind Building (Stage 2), 42-46 Tai Lin Pai Road, Kwai Chung NT, Hong Kong, China; Retail Lot L3-1, Level 3, Gateway Klia 2, Kuala Lumpur International Airport 2, Sepang, Selangor Darul Ehsan 64000, Malaysia; Additional Sanctions Information - Subject to Secondary Sanctions; Organization Established Date 07 Dec 2020; Registration Number 3000264 (Hong Kong) [IRAN-EO13846] (Linked To: PERSIAN GULF PETROCHEMICAL INDUSTRY COMMERCIAL CO.).

SHEKUFEI INTERNATIONAL TRADING CO., LIMITED, Room 3224 Qinghai Building, Tiangqing Village, Tin Shui Wai Yuen Long District, Hong Kong, China; Additional Sanctions Information - Subject to Secondary Sanctions; Organization Established Date 03 Jun 2021; Registration Number 3054573 (Hong Kong) [IRAN-EO13846] (Linked To: PERSIAN GULF PETROCHEMICAL INDUSTRY COMMERCIAL CO.).

and vessel:

GLORY HARVEST (3FYH7) LPG Tanker Panama flag; Vessel Registration Identification IMO 9143506; MMSI 356978000 (vessel) [IRAN-EO13846] (Linked To: GOLDEN WARRIOR SHIPPING CO. LIMITED). 

to its Iran-related sanctions program.

And there are accompanying press releases – from State:

Designation of Entities Supporting Trade of Iranian Petroleum and Petrochemical Products

PRESS STATEMENT

ANTONY J. BLINKEN, SECRETARY OF STATE

AUGUST 1, 2022

The United States is designating six entities facilitating illicit transactions related to Iranian petroleum as well as petroleum and petrochemical products, key sources of revenue for the Iranian government.

The Department of State is designating Pioneer Ship management PTE LTD, a company that managed one liquified petroleum gas tanker, for serving as the commercial manager for a vessel that transported Iranian petroleum products. The Department is also designating Golden Warrior Shipping, Co. Ltd., that has engaged in transactions related to Iranian petroleum and petroleum products, to include providing logistical support to the Iranian petroleum trade. The Department is further identifying the vessel Glory Harvest as blocked property of Golden Warrior Shipping Co. Ltd.

All of these actions are being taken pursuant to section 3(a)(ii) of Executive Order 13846.

In addition, the Department of the Treasury is designating four entities that support Iran’s Persian Gulf Petrochemical Industry Commercial Co., a U.S.-designated entity, which continues to be involved in the sale of Iranian petroleum products and petrochemical products abroad.

The United States has been sincere in pursuing a path of meaningful diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action (JCPOA). Until Iran is ready to return to full implementation of the JCPOA, we will continue to use our sanctions authorities to target exports of petroleum, petroleum products, and petrochemical products from Iran.

and Treasury:

PRESS RELEASES

Treasury Targets Companies Supporting Iranian Petrochemical Conglomerate

August 1, 2022

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against companies used by Iran’s Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), one of the nation’s largest petrochemical brokers, to facilitate the sale of tens of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iran to East Asia. PGPICC is a subsidiary of Iran’s petrochemical conglomerate Persian Gulf Petrochemical Industry Co. (PGPIC), which accounts for half of all of Iran’s total petrochemical exports.

“The United States continues to pursue the path of diplomacy to achieve a mutual return to full implementation of the Joint Comprehensive Plan of Action,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “Until such time as Iran is ready to return to full implementation of its commitments, we will continue to enforce sanctions on the illicit sale of Iranian petroleum and petrochemicals.”

Today’s action is being taken pursuant to Executive Order (E.O.) 13846 and follows OFAC’s July 6, 2022 designation of an Iranian oil and petrochemical network selling Iranian petroleum and petrochemicals to purchasers in East Asia, and the June 16, 2022 designation of an international sanctions evasion network supporting Iranian petrochemical sales.

In a separate but related action, the Department of State is also designating two entities that have engaged in the purchase, acquisition, sale, transport, or marketing of Iranian petroleum and petroleum products, including providing logistical support to the Iranian petroleum trade, pursuant to E.O. 13846.  

IRANIAN PETROCHEMICAL AND PETROLEUM SALES TO EAST ASIA

PGPICC has used UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading L.L.C. to facilitate the sale of millions of dollars’ worth of Iranian-origin petroleum products to Triliance Petrochemical Co. Ltd. (Triliance) for onward shipment to East Asia. Triliance remains one of Iran’s most important petrochemical brokers, brokering the sale of Iranian petrochemicals to foreign purchasers. Blue Cactus Heavy Equipment and Machinery Spare Parts Trading L.L.C. is being designated pursuant to E.O. 13846 for, on or after November 5, 2018, having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, PGPICC.

PGPICC was designated pursuant to E.O. 13382, a counterproliferation authority, on July 7, 2019, for being owned or controlled by PGPIC. PGPIC was itself designated pursuant to E.O. 13382 that same day for having provided financial support to Khatam al-Anbiya, the engineering conglomerate of Iran’s Islamic Revolutionary Guard Corps (IRGC).   

Triliance was designated pursuant to E.O. 13846 on January 23, 2020, for, on or after November 5, 2018, having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, the National Iranian Oil Company (NIOC).                                        

PGPICC, in cooperation with Treasury-sanctioned Iranian petrochemical broker Petrochemical Commercial Company (PCC), has similarly used Farwell Canyon HK Limited (Farwell Canyon) and Shekufei International Trading Co., Limited(Shekufei) to facilitate the sale of tens of millions of dollars’ worth of Iranian-origin petrochemical and petroleum products for onward shipment to buyers in East Asia. PGPICC has used Farwell Canyon and Shekufei’s bank accounts, as well as those of Hong Kong- and Malaysia-based PZNFR Trading Limited, to collect millions of dollars’ worth of proceeds from these sales.

Farwell Canyon HK Limited, Shekufei International Trading Co., Limited, and PZNFR Trading Limited are being designated pursuant to E.O. 13846 for, on or after November 5, 2018, having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, PGPICC. 

SANCTIONS IMPLICATIONS

As a result of today’s action, all property and interests in property of these targets that are in the United States or in the possession or control of U.S. 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. OFAC’s regulations generally prohibit all dealings by U.S. persons or within the United States (including transactions transiting the United States) that involve any property or interests in property of blocked or designated persons.

In addition, persons that engage in certain transactions with the individuals and entities designated today may themselves be exposed to sanctions or subject to an enforcement action. Furthermore, unless an exception applies, any foreign financial institution that knowingly facilitates a significant transaction for any of the individuals or entities designated today could be subject to U.S. sanctions.

The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, please refer to OFAC’s Frequently Asked Question 897 here. For detailed information on the process to submit a request for removal from an OFAC sanctions list, please here.

Links:

OFAC Notice

Press Releases – State, Treasury

Categories: Iranian Sanctions OFAC Updates Sanctions Lists

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