Treasury Dismantles Key Elements of Iran’s Energy Export Machine

WASHINGTON-Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is intensifying its efforts against Iran's petroleum and petrochemical exports by sanctioning over 50 individuals, entities, and vessels that facilitate Iranian oil and liquefied petroleum gas (LPG) sales and shipments from Iran. These actors have collectively enabled the export of billions of dollars' worth of petroleum and petroleum products, providing critical revenue to the Iranian regime and its support for terrorist groups that threaten the United States.

This action targets a network moving hundreds of millions of dollars' worth of Iranian LPG, along with nearly two dozen shadow fleet vessels, a China-based crude oil terminal, and an independent "teapot" refinery, which are key to Iran's ability to export petroleum and petroleum products to generate significant revenue.

"The Treasury Department is degrading Iran's cash flow by dismantling key elements of Iran's energy export machine," said Secretary of the Treasury Scott Bessent. "Under President Trump, this administration is disrupting the regime's ability to fund terrorist groups that threaten the United States."

This is the fourth round of sanctions where the Trump Administration has targeted China-based refineries that continue to purchase Iranian oil. This action builds on recent sanctions in July and August targeting key enablers of Iran's oil exports. Today's action is being taken primarily pursuant to Executive Order (E.O.) 13902, which targets Iran's petroleum and petrochemical sector, as well as pursuant to E.O. 13846. It continues sanctions targeting Iranian oil sales in support of the President's National Security Presidential Memorandum 2 (NSPM-2), instituting a campaign of maximum economic pressure on Iran.

LPG SANCTIONS EVASION NETwork

United Arab Emirates (UAE)-based Markan White Trading Crude Oil Abroad Co. L.L.C (Markan White)and Slogal Energy DMCC (Slogal) play a key role in enabling the sale and shipment of Iranian LPG to Sri Lanka. Since at least 2023, UAE-based Amita Petrochemical Trading L.L.C (Amita Petrochemical) has purchased Iranian petrochemicals from Iran-based petrochemical broker Persian Gulf Petrochemical Industry Commercial Co (PGPICC). In 2024, Amita Petrochemicalformed Markan White to act on its behalf in future transactions with PGPICC. Markan White facilitated the sale of tens of millions of dollars' worth of LPG on behalf of PGPICC in late 2024.

In early 2025, Markan White used Hong Kong-based shell companies Ravenala Trading Co., Limited and Crimson Blue Trading Co., Limited to facilitate $25 million in payments from LPG sales to PGPICC. In early 2025, Hong Kong-based AIX Company Limited was used by PGPICC and Markan White to facilitate the transfer of more than $100 million in payments for the sale of Iranian LPG.

In late 2024, PGPICC and Markan White used Slogal to help facilitate the sale, shipment, and export of millions of dollars' worth of Iranian LPG to Sri Lanka. In 2024 and 2025, Slogal purchased Iranian LPG that was delivered to Sri Lanka, with multiple shipments of Iranian LPG reaching end users in Sri Lanka and Bangladesh. In 2024, Palau-flagged MAX STAR (IMO9134165) delivered Iranian LPG that was purchased by Slogal. Similarly in 2025, Slogal purchased Iranian LPG that was delivered by Panama-flagged GAS DIOR (IMO 9379404) to Sri Lanka. In early 2025, GAS DIOR delivered over 17,000 metric tons of Iranian LPG to Bangladesh, making an additional LPG delivery for now-sanctioned supplier Octane Energy FZCO.

Panama-based Aerilyn Shipping Inc. is the registeredowner, operator, and manager of the Panama-flagged GAS DIOR. Marshall Islands-based Ocean Inc. is the registeredowner, operator, and manager of the MAX STAR. In mid-2024, U.S.-designated Houthi financier Sa'id al-Jamal arranged to charter MAX STAR for deliveries of Iranian LPG to the UAE.

OFAC designated Sa'id al-Jamal pursuant to counterterrorism authority E.O. 13224, as amended, on June 10, 2021, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Iran's Islamic Revolutionary Guard Corps - Qods Force (IRGC-QF).

UAE-based S E A Ship Management LLC manages and operates the Palau-flagged GAS MARTA (IMO 9307748) and SEA HERMES (IMO 9031519), in addition to the Gambia-flagged GAS LEADER (IMO 9114581) and GAS VISION (IMO 9115303), all of which have transported Iranian petroleum products. S E A Ship Management LLC is the registered owner of theComoros-flagged ADA (IMO 9008108), which has also transported Iranian petroleum products. In early 2025, PGPICC and Markan White coordinated the sale of $26 million worth of Iranian LPG to be shipped to China aboard GAS VISION. In late 2024, a supplier sent Iranian LPG to several customers in Bangladesh using the ADA, which previously operated with the name CAPTAIN NIKOLAS.

Hong Kong-based companies Yu Hong De Company Limited and Juliet Trading Limited are the registered owners and operators of the Cameroon-flagged SEA OPERA (IMO 9000883) and TULIP (IMO 8912558), respectively, both of which have transported Iranian oil. SEA OPERA has transported more than a million barrels of Iranian petroleum products to China since mid-2022. In late 2024, Markan White coordinated with PGPICC and Slogal to facilitate the sale of millions of dollars' worth of LPG to be delivered to end users in Sri Lanka and Yemen via SEA OPERA. Between late 2024 and early 2025, PGPICC and Markan White used TULIP to transport over 30,000 metric tons of propane and over 11,000 metric tons of butane to China.

Amita Petrochemical Trading L.L.C, Markan White Trading Crude Oil Abroad Co. L.L.C, Slogal Energy DMCC, Aerilyn Shipping Inc.,S E A Ship Management LLC, Yu Hong De Company Limited, and Juliet Trading Limited are being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy.

Ravenala Trading Co., Limited is being designated pursuant to E.O. 13902 for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Markan White Trading Crude Oil Abroad Co. L.L.C.

GAS DIOR is being identified as property in which Aerilyn Shipping Inc. has an interest.

SEA HERMES, GAS LEADER, GAS VISION, GAS MARTA, and ADA are being identified as property in which S E A Ship Management LLC has an interest.

SEA OPERA is being identified as property in which Yu Hong De Company Limited has an interest. TULIP is being identified as property in which Juliet Trading Limited has an interest.

Ocean Inc. is being designated pursuant to E.O. 13902 for operating in the petrochemical sector of the Iranian economy. MAX STAR is being identified as property in which Ocean Inc. has an interest.

Crimson Blue Trading Co., Limited and AIX Company Limited are being designated pursuant to E.O. 13846 for, on or after November 5, 2018, having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, PGPICC.

CHINESE OIL Terminal and refinery

China-based Shandong Jincheng Petrochemical Group Co., Ltd. (Jincheng Petrochemical) is an independent teapot refinery in Shandong Province that has purchased millions of barrels of Iranian oil since 2023. Shandong Jincheng has received more than a dozen shipments of Iranian crude oil worth hundreds of millions of dollars delivered by shadow fleet vessels, some of which have been sanctioned for their role transporting Iranian petroleum, including the LUNA PRIME and CARINA. Shandong Jincheng has also been a key buyer of Iranian oil through Iran's sanctioned Naftiran Intertrade Company, the marketing arm of Iran's sanctioned National Iranian Oil Company (NIOC).

China-based Rizhao Shihua Crude Oil Terminal Co., Ltd. operates the Rizhao Shihua Crude Oil Terminal at Lanshan Port, which has accepted more than a dozen shadow fleet vessels, including the now-sanctioned tankers KONGM, BIG MAG, and VOY(IMO 9222443). Collectively, these vessels transported several millions of barrels of Iranian oil to Rizhao.

Shandong Jincheng Petrochemical Group Co., Ltd. and Rizhao Shihua Crude Oil Terminal Co., Ltd. are being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy.

Sustaining pressure on iran'S SHADOW FLEET

Iran's shadow fleet employs obfuscation tactics to mask shipments of Iran-origin petroleum and relies on services from companies in China and elsewhere to deliver their goods. Iranian exporters often transfer cargoes between shadow fleet vessels-at times with the aid of tugboats-in the Persian Gulf and in waters off the coast of Singapore and Malaysia in order to disguise the origin of their cargoes.

Qingdao Hexin United International Shipping Agency Co., Ltd. (Qingdao Hexin), also known as Qingdao Union Credit International Shipping Agency Co., Ltd. is a shipping agent that operates in Qingdao, China. As recently as 2024, Qingdao Hexin assisted the PROGRESS V and SCORPIUS in offloading nearly two million barrels each of Iranian oil at Haiye Terminal in Qingdao Port on behalf of NIOC.

Marshall Islands-based Bertha Shipping Inc. is the owner, operator, and ship manager of the Comoros-flagged PAMIR (IMO 9208239). Since July 2024, PAMIR has transported nearly four million barrels of Iranian LPG to China. Bertha Shipping Inc. is owned by Indian national Varun Pula. Marshall Islands-based Evie Lines Inc. is the owner, operator, and ship manager of the Panama-flagged SAPPHIRE GAS (IMO 9320738). Since April 2025, the SAPPHIRE GAS has transported over a million barrels of Iranian LPG to China. Evie Lines Inc. is owned by Indian national Iyappan Raja.

Indian national Soniya Shrestha owns India-based Vega Star Ship Management Private Limited, the owner, operator, and ship manager of the Comoros-flagged NEPTA (IMO 9013701). Since January 2025, NEPTAhas transported Iranian origin LPG to Pakistan. Liberia-based Titan Seaways Ltd is the owner, operator, and ship manager of the Gambia-flagged GAS ZEINA (IMO 8818843), which has transported Iranian origin LPG to Bangladesh since 2024.

China-based and Marshall Islands-registered Neowave Management Co., Ltd is the owner, operator, and ship manager of the Panama-flagged MADESTAR (IMO 9289726). Between September 2024 and August 2025, MADESTAR carried multiple cargoes of Iranian crude oil to China. These shipments were loaded in Iran by sanctioned vessels before being transferred to MADESTAR. In January 2025, Iran used MADESTAR to transport two million barrels of the approximately two billion dollars' worth of oil that Iran had in storage at Chinese ports.

Marshall Islands-based Sullana Inc is the owner of the Comoros-flagged SULLANA (IMO 9180152). Since April 2025, SULLANA has received millions of barrels of Iranian crude oil transferred from sanctioned vessels for delivery to China. SULLANA has also transferred Iranian cargoes to other sanctioned vessels. On at least five occasions in 2025, the Hong Kong-flagged PURDUE STELLAR (IMO 9275658) has transported Iranian origin fuel oil to the UAE. Hong Kong-based Great Times Shipping Limited is the owner, operator, and ship manager of PURDUE STELLAR.

Hong Kong-based Blue Ocean Marine Company Limited owns the Hong Kong-flagged SIREN II (IMO 9337195), which loaded millions of barrels of Iranian origin crude oil on multiple occasions in 2025 before delivering the cargoes to ports in China. Panama-based Skiathos Maritime and Trading SA is the owner of the Gambian-flagged SONA (IMO 9005053). SONA loaded hundreds of thousands of barrels of Iranian origin LPG that it offloaded via ship-to-ship transfer to other vessels for delivery to China.

Hong Kong-based Hozdra Group Limited owns and operates the Sao Tome and Principe-flagged VOY (IMO 9222443). Since Hozdra Group Limited assumed ownership of the vessel in 2025, VOY has delivered approximately six million barrels of Iranian crude oil received from sanctioned vessels to China. Hong Kong-based Abgo Trading Limited is the owner, manager, and operator of the Gambia-flagged GALE (IMO 9294240), which transported over two million barrels of Iranian petroleum in September 2025. The Panama-flagged VITA I (IMO 9241114) has received approximately six million barrels of Iranian oil from three different sanctioned vessels since March 2025 for ultimate delivery to China. UAE-based Sinoper Shipping Co is the owner, manager, and operator of VITA I.

Singapore-based Anglo Premier Shipping PTE. LTD. is the owner, manager, and operator of the Singapore-flagged tug APS 9 (IMO 9360001). As of early 2025, the APS 9 supported at least seven Iran-affiliated tankers in the Singapore Eastern Outer Port Limit (EOPL), enabling ship-to-ship transfer operations. Singapore-based Logos Marine PTE. LTD. is the owner, manager, and operator of the Mongolian-flagged tug PIONEER 92 (IMO 9340934). The PIONEER 92 supported at least seven Iran-affiliated tankers in the Singapore EOPL, enabling ship-to-ship transfer operations.

Qingdao Hexin United International Shipping Agency Co., Ltd. is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy.

The following shipping firms are also being designated pursuant to E.O. 13902 for operating in the Iranian petroleum sector. Their respective vessels are being identified as blocked property pursuant to E.O. 13902:

• Marshall Islands-based Bertha Shipping Inc.: Comoros-flagged PAMIR (IMO 9208239);
• Marshall Islands-based Evie Lines Inc.: Panama-flagged SAPPHIRE GAS
  (IMO 9320738);
• India-based Vega Star Ship Management Private Limited: Comoros-flagged NEPTA (IMO 9013701);
• Liberia-based Titan Seaways Ltd: Gambia-flagged GAS ZEINA (IMO 8818843);
• Marshall Islands-based Neowave Management Co., Ltd: Panama-flagged MADESTAR (IMO 9289726);
• Hong Kong-based Abgo Trading Limited: Gambia-flagged GALE (IMO 9294240);
• Marshall Islands-based Sullana Inc: Comoros-flagged SULLANA (IMO 9180152);
• Hong Kong-based Great Times Shipping Limited: Hong Kong-flagged PURDUE STELLAR (IMO 9275658);
• Hong Kong-based Blue Ocean Marine Company Limited: Hong Kong-flagged SIREN II (IMO 9337195);
• Panama-based Skiathos Maritime and Trading SA: Gambia-flagged SONA
  (IMO 9005053);
• Hong Kong-based Hozdra Group Limited: Sao Tome and Principe-flagged VOY
  (IMO 9222443);
• UAE-based Sinoper Shipping Co: Panama-flagged VITA I (IMO 9241114);
• Singapore-based Anglo Premier Shipping PTE. LTD.: Singapore-flagged APS 9 (IMO 9360001);
• Singapore-based Logos Marine PTE. LTD.: Mongolia-flagged PIONEER 92
  (IMO 9340934).

Varun Pula is being designated pursuant to E.O. 13902 for having acted or purported to act for or on behalf of, directly or indirectly, Bertha Shipping Inc. Soniya Shrestha is being designated pursuant to E.O. 13902 for having acted or purported to act for or on behalf of, directly or indirectly, Vega Star Ship Management Private Limited. Iyappan Raja is being designated pursuant to E.O. 13902 for having acted or purported to act for or on behalf of, directly or indirectly, Evie Lines Inc.

SANCTIONS IMPLICATIONS

As a result of today's action, all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC's regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons.

Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC's Economic Sanctions Enforcement Guidelines provide more information regarding OFAC's enforcement of U.S. economic sanctions. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities involving designated or otherwise blocked persons. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person.

The power and integrity of OFAC sanctions derive not only from OFAC's ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC's guidance on Filing a Petition for Removal from an OFAC List

Click here for more information on the persons designated and any property identified as blocked property today.

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