US Sanctions Iranian LPG Tycoon Over Multimillion-Dollar Illegal Oil Exports

The United States has sanctioned an Iranian liquified petroleum gas (LPG) magnate, Seyed Asadoollah Emamjomeh and his widespread business network for illegally exporting hundreds of millions of dollars’ worth of Iranian LPG and crude oil to global markets.

The sanctions, announced by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), also target Emamjomeh’s son, Meisam Emamjomeh, and multiple companies based in Iran, the United Arab Emirates (UAE), and the United Kingdom.

Authorities say the revenue generated from this network supports Iran’s nuclear and advanced weapons development programs, along with funding regional armed groups like Hamas, Hezbollah, and the Houthis.

A Very Large gas Carrier named TINOS I, owned by Pearl Petrochemical FZE, has been the focus of the designation.

The ship attempted to load LPG cargo off the coast of Houston, Texas in June 2024 for shipment to China, but the effort was unsuccessful.

Emamjomeh, who has been operating in the petroleum sector for over a decade now, is believed to control a web of companies involved in the sales, transportation, and delivery of Iranian LPG.

Among these is Caspian Petrochemical FZE, a UAE-based firm that has exported thousands of LPG shipments from Iran to Pakistan and has conducted tens of millions of dollars in transactions for Persian Gulf Petrochemical Industry Commercial Co. (PGPICC).

PGPICC was previously sanctioned by OFAC on July 7, 2019, for being owned or controlled by Persian Gulf Petrochemical Industries Company (PGPIC), which itself was sanctioned the same day for financially supporting Khatam al-Anbiya, the engineering wing of Iran’s Islamic Revolutionary Guard Corps (IRGC).

Until October 2024, Emamjomeh owned Pearl Petrochemical FZE, but later transferred ownership to his son Meisam, a dual British-Iranian national based in the UAE.

Meisam is the CEO of Worldwide LPG Limited, a UK-based firm, and also holds board positions in several Iran-based companies tied to the family’s network.

OFAC stated that the Emamjomeh network made efforts to export thousands of LPG shipments, including from the US.

The US Treasury Secretary Scott Bessent says that Emamjomeh and his network were actively working to bypass US restrictions to help fund destabilising activities in the region and beyond.

Apart from these, nine other Iranian LPG companies have also been sanctioned. These include:

• Parsa Fidar Paydar Engineering and Technology Company
• Nilgon Parsa Caspian Shipping Company
• Arsa Gas Company
• Pasar Gas Company
• Petro Parsa Caspian Iranian Company
• Pasar Gas Novin Trading Company
• Parsa Salakh Qeshm Industrial Complex
• Parsa Trabar Caspian International Transportation Company
• Parsa Trabar Persia International Transportation Company

One of these firms holds a monopoly over LPG deliveries for the National Iranian Gas Company.

All U.S.-based property and financial interests tied to the designated individuals and entities have been blocked and must be reported to OFAC.

U.S. persons are also prohibited from engaging in any dealings with these parties.

Additionally, foreign entities and individuals may face secondary sanctions for facilitating transactions with the designated companies.

Reference: US Department of the Treasury

Source: Maritime Shipping News