US imposes sanctions on Iran's petrochemical industry

Washington, June 1: The United States has blacklisted eight Iranian petrochemical companies in its latest move aimed at curbing Teheran’s nuclear program.

The blacklisted companies are either owned or controlled by the Iranian government.

These include Bandar Imam Petrochemical Co, Bou Ali Sina Petrochemical Co and Mobin Petrochemical Co.

It is for the first time that US treasury department has imposed sanctions against petrochemical companies, which are the largest source of foreign earnings for Iran.

The United States has also imposed sanctions on a food and beverage company based in the gulf region for engaging in transaction for the purchase of petrochemical products from Iran.