USA blacklists eight companies in Iran's petrochemical industry

03-Jun-13

The United States blacklisted 8 companies in Iran's petrochemical industry. Petrochemical companies owned or controlled by the Iranian government that are on the Treasury Department list include Bandar Imam Petrochemical Co, Bou Ali Sina Petrochemical Co and Mobin Petrochemical Co. This was the first time Washington sanctioned the petrochemical industry, which an administration official said was the largest source of foreign earnings for Iran's nuclear programme after oil sales. Western powers believe Iran is trying to develop the ability to make nuclear weapons. Tehran has said the program is purely for generating power and for medical devices. Sanctions imposed by the United States and European Union halved Iran's oil exports last year, depriving the government of billions of dollars in revenue, increasing already high inflation and pushing down the value of its currency.