The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating the Iranian Ministry of Petroleum pursuant to E.O. 13224, as amended, a counterterrorism authority, for their financial support to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), an entity designated under E.O. 13224;
The Iranian Ministry of Petroleum has been used by individuals at the highest levels of the Iranian regime to facilitate the IRGC-QF’s revenue generation scheme. In mid-2019, the Ministry of Petroleum arranged the loading of hundreds of thousands of barrels of oil for shipments to Syria, and in mid-2020 the IRGC-QF and senior regime officials coordinated to use the Ministry of Petroleum to procure U.S. dollars for the benefit of the IRGC-QF;
NIOC, overseen by the Ministry of Petroleum, is responsible for the exploration, production, refining, and export of oil and petroleum products in Iran. NITC, a subsidiary of NIOC, is responsible for the transportation of Iranian crude exports. NIOC and NITC provide both the oil and tankers for the sale of Iranian oil by the IRGC-QF. The cooperation and coordination between the IRGC-QF and these entities extends well beyond the simple sale of oil, including coordination between NIOC and the Central Bank of Iran to facilitate the collection of tens of millions of dollars in proceeds from the sale of oil that benefitted the IRGC-QF;
OFAC is also designating key subsidiaries of the Ministry of Petroleum, pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, or having acted or purported to act for or on behalf of, directly or indirectly, the Ministry of Petroleum;
OFAC is also targeting Minister of Petroleum Bijan Zanganeh, for being a leader or official of the Ministry of Petroleum;
“The regime in Iran uses the petroleum sector to fund the destabilizing activities of the IRGC-QF,” said Secretary Steven T. Mnuchin. “The Iranian regime continues to prioritize its support for terrorist entities and its nuclear program over the needs of the Iranian people.”
– The National Iranian Oil Refining and Distribution Company (NIORDC)
– National Iranian Oil Products Distribution Company (NIOPDC)
– Iranian Oil Pipelines and Telecommunications Company
– National Iranian Oil Engineering and Construction Company
– Abadan Oil Refining Company
– Imam Khomeini Shazand Oil Refining Company
– National Petrochemical Company (NPC)
National Iranian Oil Company (NIOC)
National Iranian Oil Company (NIOC) is in charge of oil and gas exploration and production, processing and oil transportation. National Iranian South Oil Company (NISOC) is an important subsidiary of NIOC. NISOC is producing about 83% percent of all crude oil and 16% percent of natural gas produced in Iran.
National Iranian Oil Company subsidiaries:
– National Iranian South Oilfields Company (NISOC)
– Iranian Central Oilfields Company (ICOFC)
– Pars Oil and Gas company
– Petroleum Engineering and Development Co. (PEDEC)
– Iranian Offshore Oil Company
National Iranian Gas Company
National Iranian Gas Company (NIGC) manages gathering, treatment, processing, transmission, distribution, and exports of gas and gas liquids.
The huge reserves of natural gas put Iran in the second place, in terms of the natural gas reserve quantity, among other countries, only next to the Russian Federation, with an estimate of proven reserve quantity close to 23 bcm. Iran’s gas reserves are exploited primarily for domestic use.
National Iranian Petrochemical Company
National Iranian Petrochemical Company (NPC) handles petrochemical production, distribution, and exports. National Iranian Petrochemical Company’s output capacity will increase to over 100 million tpa by 2015 from an estimated 50 million tpa in 2010 thus becoming the world’ second largest chemical producer globally after Dow Chemical with Iran housing some of the world’s largest chemical complexes.
National Iranian Oil Refining and Distribution Company
National Iranian Oil Refining and Distribution Company (NIORDC) handles oil refining and transportation, with some overlap to NIOC.
There are eight refineries with a potential capacity of 950,000 barrels per day (151,000 m3/d) and one refinery complex in the country with a total refining capacity of over 15 kbbl/d (2,400 m3/d) (in Tehran, Tabriz, Isfahan, Abadan, Kermanshah, Shiraz, Bandar Abbas, Arak and Lavan Island) and a storage capacity of 8 milliard litre. Abundance of basic material, like natural gas, in the country provide favorable conditions for development and expansion of petrochemical plants.
1. National Iranian South Oilfields Company (NISOC)
– Karoun oil and gas exploitation company
– Maroon Oil and Gas Company
– Masjed Soleyman Oil and Gas Company
– Gachsaran Oil and Gas Company
– Aghajari exploitation Company
2. Iranian Central Oilfields Company (ICOFC)
– West Gas & Oil exploitation Company
– East Oil and Gas exploitation Company
– Southern Zagros Oil and Gas Company
3. Iranian Offshore Oil Company
4. Pars Oil and Gas company
5. Arvandan Oil & Gas Co.
Technical Services Companies
1. National Iranian Drilling Company
2. Petroleum Engineering and Development Co.
3. Iranian Oil Terminals Company
4. Pars Special Economic Zone
5. Naftiran Intertrade Company (Nico)
6. Iran fuel conservation optimization company
12 March 1951
Also Known As
Iranian Ministry of Petroleum
Iranian Ministry of Petroleum Building, Taleghani Ave., Tehran, Iran
Person of interests:
Reason for the color:
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on October 26, 2020 pursuant to Executive Order 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, the IRGC-QF;