Eight petchem firms owned by Iran government face US sanctions

31 May 2013 23:21  [Source: ICIS news]

HOUSTON (ICIS)--The US Treasury Department identified on Friday eight petrochemical companies that it says are owned by the Iranian government, making them subject to sanctions.

Those companies are Bandar Imam Petrochemical, Bou Ali Sina Petrochemical, Mobin Petrochemical, Nouri Petrochemical, Pars Petrochemical, Shahid Tondgooyan Petrochemical, Shazand Petrochemical and Tabriz Petrochemical.

Iran has relied increasingly on the petrochemical industry as international sanctions continue to shrink the nation's oil revenues, the Treasury Department said. The petrochemical industry is now the second largest source of revenue for the Iranian government.

In 2012, President Barack Obama signed an executive order allowing the US to sanction companies involved in the purchase or acquisition of Iranian petrochemicals.

The US and Iran are at odds over Iran's nuclear programme, which Iran has said is for power generation and not for weapons development as the US has contended.

By: Al Greenwood
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