U.S. imposes sanctions on Iran's petrochemical industry

The United States on Friday blacklisted companies in Iran's petrochemical industry, sending a warning signal to its global customers and representing the latest effort by Washington to cut funds to the Islamic Republic's nuclear program.           

The Treasury Department blacklisted eight Iranian petrochemical companies owned or controlled by the government, including Bandar Imam Petrochemical Co, Bou Ali Sina Petrochemical Co and Mobin Petrochemical Co.          

It was the first time Washington sanctioned the business which an administration official said is the largest source of foreign earnings for Iran's nuclear program after oil sales.          

In addition, the State Department imposed sanctions on a food and beverage company based in the Mideast Gulf for "knowingly engaging" in a transaction for the purchase of petrochemical products from Iran.

Earlier, U.S. Secretary of State John Kerry said he did not have high expectations that an upcoming presidential election in Iran would change the calculus over Tehran's nuclear program, repeating it was unacceptable for Iran to have a nuclear weapon.           

At a joint news conference with German Foreign Minister Guido Westerwelle, Kerry said Iran needs to understand that international patience was waning over the nuclear program that Tehran says is meant for peaceful purposes.          

"Every month that goes by gets more dangerous," Kerry said. Westerwelle also said more diplomatic talks were necessary.             


REUTERS