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The USA has imposed economic sanctions on Iran’s largest petrochemical producer - Persian Gulf Petrochemical Industries Company (PGPIC) and 39 of its subsidiaries and foreign-based sales agents, according to media reports.

The new sanctions prohibited the company and its subsidiaries from accessing the US market or financial system. It also aims to penalise any foreign financial institution that provides significant financial services for the sanctioned entities.

The PGPIC group holds 40% of Iran’s total petrochemical production output and responsible for 50% of the country’s total export for this group of products.

Some of the well-known name to international buyers that owned or controlled by PGPIC or its subsidiaries including Ilam Petrochemical Co, Gachsaran Polymer Industries and Dah Dasht Petrochemical Industries.

Foreign subsidiaries including NPC Alliance Corp, based in the Philipines that produces 250,000 tons/year HDPE but have been idled since October 2016. 

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Iran