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U.S. Sanctions Iran's Petrochemical Giant with Links to Revolutionary Guards
(Radio Farda) The U.S. Treasury Department on Friday announced sanctions against Iran's Persian Gulf Petrochemical Industries Company (PGPIC) that accounts for 40% of Iran's petrochemical-production capacity and 50% of its petrochemical exports. The Treasury said PGPIC was providing financial support for a company controlled by the Islamic Revolutionary Guards Corps (IRGC), which was previously designated a "foreign terrorist organization." The petroleum and petrochemical industries "have been serving for the last 40 years as a kind of institutionalized slush fund for the IRGC," a senior U.S. official said.