U.S. Imposes Sanctions On Seven Companies For Supporting Iran'S Energy Sector

[News_Editor]

U.S. imposes sanctions on seven companies for supporting Iran’s energy sector

2011-05-25 02:29:30 GMT+7 (ICT)

WASHINGTON D.C. (BNO NEWS) -- The United States Department of State on Tuesday announced that sanctions were imposed on seven foreign companies for supporting Iran’s energy sector.

Secretary of State Hillary Clinton decided to impose the measures under the Iran Sanctions Act (ISA) of 1996, as amended by the Comprehensive Iran Sanctions, Accountability, and Divestment Act (CISADA) of 2010.

"Secretary Clinton has decided to impose sanctions on seven foreign entities," said Deputy Secretary of State James Steinberg. "These companies have engaged in activities related to the supply of refined petroleum products to Iran."

The seven companies are Petrochemical Commercial Company International (PCCI) (Jersey/Iran), Royal Oyster Group (UAE), Speedy Ship (UAE/Iran), Tanker Pacific (Singapore), Ofer Brothers Group (Israel), Associated Shipbroking (Monaco), and Petróleos de Venezuela (PDVSA) (Venezuela).

These are the first sanctions imposed by the U.S. for refined-petroleum related activities under ISA since it was amended by CISADA. The intent of the measures on Iran is to pressure it to comply with its international obligations.

The sanctions imposed on all the seven foreign companies will prohibit them from U.S. foreign exchange transactions, U.S. banking transactions, and all U.S. property transactions.

"In its struggle to secure the resources it needs for its energy sector, Iran repeatedly has resorted to deceptive practices to evade sanctions. Iran uses revenues from its energy sector to fund its nuclear program, as well as to mask procurement of dual-use items," added Steinberg.

PCCI, Royal Oyster and Speedy Ship (also known as Sepahan Oil Company) are among the largest current suppliers of refined petroleum products to Iran. The three companies regularly engaged in deceptive practices in order to ship these products to Iran and evade U.S. sanctions.

On the other hand, Tanker Pacific, Ofer Brothers, and Associated Shipbroking were sanctioned for their roles in a transaction that provided a tanker valued at $8.65 million to the Islamic Republic of Iran Shipping Lines (IRISL) in September 2010.

The IRISL is an entity that has been designated by the U.S. and the European Union for supporting Iran's proliferation activities. Tanker Pacific and Ofer Brothers were also barred from securing financing and loans of over $10 million from U.S. banks.

The last firm sanctioned, the state-owned oil company PDVSA, delivered at least two cargoes of reformate to Iran between December 2010 and March 2011, worth approximately $50 million. Reformate is a blending component that improves the quality of gasoline.

The sanctions will not prevent sale of oil to the United States or other markets. In September 2010, the U.S. secured the withdrawal of four major international oil companies (Royal Dutch Shell, ENI, Statoil, and Total) from projects in Iran.

The United States is aggressively working with international partners to maintain pressure on Iran to comply with its international nuclear obligations. The sanctions target Iran's ability to acquire and utilize resources in support of its illicit nuclear activities.

-- © BNO News All rights reserved 2011-05-25

[EnSvenskTiger]

“The sanctions willnot prevent sale of oil to the United States or other markets”

Sooo…… you can buy oil from Iran but that will not support Iran??

Makes me remember the time in the 80s when I was on oil tankers trading oil toUS from Iran but during the transit the cargo changed from Iranian light toArabian light and the port of origin was, as I remember, Mogadishu.

We and the receiversin LOOP all knew of this scam but despite the trade embargo at that time therewas no protests.

Trade, Trade and lies! Business as usual.

[chuckd]

“The sanctions willnot prevent sale of oil to the United States or other markets”

Sooo…… you can buy oil from Iran but that will not support Iran??

Makes me remember the time in the 80s when I was on oil tankers trading oil toUS from Iran but during the transit the cargo changed from Iranian light toArabian light and the port of origin was, as I remember, Mogadishu.

We and the receiversin LOOP all knew of this scam but despite the trade embargo at that time therewas no protests.

Trade, Trade and lies! Business as usual.

[size

You had no trouble being part and parcel of this trade and the lies involved?

Edit in: The quote feature on Thaivisa does not seem to be working.

Edited May 25, 2011 by chuckd

[EnSvenskTiger]

“You had notrouble being part and parcel of this trade and the lies involved?”

Oh yes I didchuck! I signed of in Mexican Gulf and went home to see a reporter who printedthe story and days after the government (they owned the tanker due to insolventbuilder/owner) sold her. I was without work but soon found a new deck to workon. But I promised myself to never again pass Hormuz and that promise I have kept.At the cost at another job but thats another story.

Tiger

[Mrjlh]

"The sanctions willnot prevent sale of oil to the United States or other markets"

Sooo…… you can buy oil from Iran but that will not support Iran??

I don't think the US buys oil from Iran anymore. Not for a long time.

[EnSvenskTiger]

No. Its probably mostly Arabian Light and Medium.

Tiger

Edit: From Mogadishu.

Edited May 25, 2011 by EnSvenskTiger

[chuckd]

Canada is the largest supplier of oil to the US.

[EnSvenskTiger]

What this topic is about and what I am discussing is the sanctions against Iran. My story is about a voyage that never took place, never happened, according to US history. They never imported any oil from Iran! There where sanctions!

Yet I was there and saw this with my own eyes!

The lesson learned is; if they don't want you to know, you won't! They will NEVER lose a big deal on political beliefs!

All this oil coming from Canada, where is it REALY coming from? Who knows? What they tell you? Probably not.

Tiger

Edited May 25, 2011 by EnSvenskTiger