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Largest Iranian petrochemical holding group designated
OFAC has designated Iran’s largest and most profitable petrochemical holding group, Persian Gulf Petrochemical Industries Company (PGPIC), for providing financial support to Khatam al-Anbiya Construction Headquarters, the engineering conglomerate of the Islamic Revolutionary Guard Corps. PGPIC’s network of 39 subsidiary petrochemical companies and foreign-based sales agents was also designated. PGPIC and its subsidiaries hold 40 percent of Iran’s total petrochemical production capacity and are responsible for 50 percent of Iran’s total petrochemical exports. For identification information on these designations, see BankersOnline's OFAC Update.