Energy and Environment

Treasury targets Iran’s most profitable oil refiners with new sanctions

By John Siciliano

Published June 8, 2019 12:00am ET

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Treasury targets Iran’s most profitable oil refiners with new sanctions — In this Dec. 22, 2014 file photo, Iranian oil workers gather at the Tehran's oil refinery south of the capital Tehran, Iran. Across a Mideast fueled by oil production, low global prices have some countries running on empty and scrambling to cover shortfalls, even as more regional crude is on tap to enter the market. | (AP Photo/Vahid Salemi, File)

The Treasury Department imposed broad sanctions Friday on Iran’s petrochemical and refinery industry for contributing funds to the financial arm of Iran’s Revolutionary Guard, which the State Department recently named a terrorist organization.

The sanctions target Iran’s largest and most profitable petrochemical holding group, called the Persian Gulf Petrochemical Industries Company, which maintains dozens of companies and subsidiaries.

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Iran Sanctions Steven Mnuchin Treasury Department