According to the official website of ASCOTEC, Paya Steel Engineering is official business partner with ASCOTEC. Paya Steel Engineering and Technology Co., started in 1994 with the aim of providing technical and engineering services and self-sufficiency in supplying and manufacturing spare parts and equipment of steel, mines, oil, gas and petrochemical industries in the vicinity of Khuzestan steel.

The ASCOTEC [established in 1990] is owned by the Iranian regime and is subordinate to the Iranian Ministry of Industries and Mines (IMIDRO).

ASCOTEC it is added on November 5, 2018 to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), freezing its assets under U.S. jurisdiction and prohibiting transactions with U.S. parties, pursuant to Executive Order 13599, which targets entities controlled by the Government of Iran and Iranian financial institutions; foreign parties facilitating transactions for the entity or otherwise assisting the entity are subject to U.S. sanctions.

ifmat - FOolad Paya

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