US Has Temporarily Lifted Sanctions on 14 Major Iranian Petrochemical Companies

The US has temporarily lifted sanctions on 14 major Iranian petrochemical companies, following the implementation of the Joint Plan of Action (JPOA) on January 20.

Iran and the P5+1 consisting of US, Russia, UK, France and China Plus Germany agreed to a nuclear deal in Geneva, the capital of Switzerland, on November 24, 2013. The deal also provided a temporary sanctions relief to implement the JPOA.

The JPOA is for six months, during which a final comprehensive deal is likely to be negotiated, which would result in permanent lifting of all sanctions on Iran.

“For the JPOA Period, the US Government is suspending certain sanctions on purchases by non-US persons not otherwise subject to the ITSR of petrochemical products exported from Iran as well as associated services that are required to facilitate such transactions,” according to the Department of Treasury.

The relief provided in the JPOA with respect to Iran’s exports of petrochemical products will expire on July 20, 2014, and any transactions, payments, deliveries, or associated services provided in connection with such exports that occur after July 20, 2014, could expose the relevant parties to potential US sanctions.

The temporarily lifting of sanctions on petrochemical exports are applicable to the following fourteen Iranian firms: Bandar Imam Petrochemical Company, Bou Ali Sina Petrochemical Company, Ghaed Bassir Petrochemical Products Company, Iran Petrochemical Commercial Company, Jam Petrochemical Company, Marjan Petrochemical Company, Mobin Petrochemical Company, National Petrochemical Company, Nouri Petrochemical Company, Pars Petrochemical Company, Sadaf Petrochemical Assaluyeh Company, Shahid Tondgooyan Petrochemical Company, Shazand Petrochemical Company, and Tabriz Petrochemical Company.