An official website of the United States government

The United States Imposes Further Sanctions on Iran’s Petrochemical Industry
January 23, 2020

Today, the United States is taking new steps as part of our maximum economic pressure campaign to deny the Iranian regime all sources of revenue to fund its destabilizing activities.  The Department of State is imposing sanctions on Chinese company Shandong Qiwangda Petrochemical Co. Ltd., Hong Kong-based Triliance Petrochemical, and Hong Kong entity Jiaxiang Industry Hong Kong Limited for knowingly engaging in a significant transaction for the purchase, acquisition, sale, or transport of petrochemical products from Iran, pursuant to Executive Order (E.O.) 13846.  We are also imposing sanctions on two of the executive officers of the companies identified above, Ali Bayandarian, managing director of Triliance Petrochemical, and Zhiqing Wang, chairman and legal representative of Shandong Qiwangda Petrochemical Co., Ltd.

In addition to these actions, the Department of the Treasury is also designating Triliance Petrochemical, Hong Kong entity Sage Energy HK Limited, Chinese entity Peakview Industry Co., and UAE entity Beneathco DMCC, for assisting or supporting the previously sanctioned National Iranian Oil Company (NIOC), pursuant to E.O. 13846.  These entities have collectively transferred hundreds of millions of dollars to NIOC, which has been instrumental in financing Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the terrorist groups and militias around the Middle East that it supports.

The entities targeted today continued to facilitate Iran’s petrochemical and petroleum exports contrary to U.S. sanctions.  All entities and individuals in the petrochemical sector should take notice.  The United States will not waver in its commitment to sanctions enforcement.  As long as the Iranian regime continues to exploit revenue from its petroleum and petrochemical industries to fund destabilizing activities, we will sanction any entity or individual that facilitates such trade.  The Iranian regime must cease its destabilizing activities or it will continue to face even greater economic pressure and diplomatic isolation.  Our sanctions will remain in place until Iran changes its behavior.  We will continue to expose the regime’s malign activities, self-dealing, and outright oppression.