Info:
A significant number of front companies operate out of Hong Kong, from where they receive the proceeds of petrochemical sales.
Between 2021 and 2022, Hong Kong front company Multi Well Trading transferred tens of millions of dollars related to petrochemical sales from Iran to China.
PGPICC has used entities like Multi Well Trading to disguise its role in enabling Iranian petrochemical sales.
Multi Well Trading serves as a vital trustee during the transfer of payments between PGPICC front companies and the buyers of their petrochemicals;
Hong Kong-based Unite Resources Co., Limited has purchased polyethylene from PGPICC and paid its front companies Qi Group, Univest Limited, and Multi Well Trading;
A vast network of front companies operating in Hong Kong, Singapore, and the UAE, run by foreign exchange houses in Iran and the UAE, enable PGPICC to orchestrate the sale of billions of dollars’ worth of petrochemicals from Iran-based companies.
PGPICC was designated pursuant to E.O. 13382, a WMD authority, on July 7, 2019, for being owned or controlled by PGPIC, which itself was designated pursuant to E.O. 13382 for having provided financial support to Khatam al-Anbiya, the engineering conglomerate of Iran’s Islamic Revolutionary Guard Corps (IRGC).
Iranian entities, such as Persian Gulf Petrochemical Industry Commercial Co. (PGPICC) and Triliance Petrochemical Co. Ltd. (Triliance), access to the international financial system and obfuscate their trade with foreign customers. Iranian exchange houses create front companies abroad to enable trade on behalf of their Iranian clients, with foreign currency transactions maintained via internal ledgers. PGPICC is the marketing arm of sanctioned Iranian petrochemical conglomerate Persian Gulf Petrochemical Industries Company (PGPIC), which generates the equivalent of tens of billions of dollars annually for the Iranian regime.
Triliance was designated pursuant to E.O. 13846 on January 23, 2020, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, the National Iranian Oil Company (NIOC), by facilitating the sale of Iranian petroleum products from NIOC.
Also Known As:
Multi Well Trading Co., Limited
Organization Established Date:
22 Oct 2021
Country:
China
Address:
Hong Kong, China
C.R. No.:
3095310 (Hong Kong)