The US Treasury Department’s 31 May intensification Iran sanctions (see p4) includes an extension to include Iranian petrochems firms. The department says that as Iran’s oil revenues continue to fall due to international sanctions, Tehran has increasingly turned to other industries to make up.

“One of these sectors is the petrochemical industry, which is now the second largest source of revenue for the Iranian government,” a press statement explained. “The administration is taking action today to target this revenue stream by both designating companies involved in transactions with the sector and identifying several petrochemical companies as subject to sanctions because they are controlled by the Iranian government.” (CONTINUED - 252 WORDS)