US sanctions firms in Singapore, Malaysia involved in Iranian oil smuggling to Asia
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Hashim Sheikh
- . February 10, 2023
- . Update: February 10, 2023 6:58 pm
The United States (US) has imposed sanctions on three firms in Singapore and Malaysia, accusing them of playing a “critical role” in the production, sale and shipment of Iranian petrochemicals and petroleum oil to buyers in Asia.
The US Treasury Department announced in a statement that it targeted six Iran-based petrochemical manufacturers or their subsidiaries and three companies in Malaysia and Singapore for shipment of millions of dollars worth of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd.
Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence of the United States, said in a statement that Iran turned to buyers in East Asia to sell its petrochemical and petroleum products in violation of US sanctions. He further said that the US would continue to enforce its sanctions against those “who wittingly facilitate this trade.”
Singapore-based Asia Fuel Pte. and Unicious Energy Pte. as well as Malaysia-based Sense Shipping and Trading Sdn. have been accused of doing business with Triliance Petrochemical Co. Ltd. for selling Iranian petroleum products to Asia.
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According to the US, Asia Fuel has facilitated the shipment of Iranian petroleum and oil products to customers in East Asia since late 2021. The firm allegedly also paid storage fees on behalf of Triliance in order to keep petroleum products in a Malaysia-based floating storage vessel.
According to the US, Sense Shipping is a front company for Triliance Petrochemical Co. Ltd. The US further accused Unicious Energy of coordinating millions of dollars in petroleum-related payments on behalf of Triliance Petrochemical.
Triliance Petrochemical Co. Ltd. was sanctioned in 2020 for facilitating the sale of Iranian petroleum products from the National Iranian Oil Company (NIOC), a government-owned national oil and natural gas producer under the direction of the Ministry of Petroleum of the Islamic Republic of Iran.
