The U.S. Treasury sanctioned on June 7 the Persian Gulf Petroleum Investment Company (PGPIC), an industrial holding that oversees approximately half of Iran’s exported oil production, for its business ties to the IRGC.

Pursuant to our previous blogpost about “disappearing” companies, Doublethink has identified nine top-earning PGPIC companies whose public profile is being intentionally obscured. Based on our extensive interviews with market insiders, we believe such action is the Iranian government’s attempt to evade sanctions.

Among PGPIC’s 23 shareholders is Tamin Oil & Gas Investment (6%), which also owns 30% stake in the Ghadir Investment Group.

PGPIC also has ownership links to at least five bonyad-owned companies, as the following Doublethink data shows:

  • Gostaresh Shiraz Petrochemical Company Technical and Engineering Services (خدمات فنی مهندسی گسترش پتروشیمی شیراز): linked to Ghadir Investment
  • Pars Petrochemical Company (پتروشیمی پارس): linked to Ghadir Investment and BTS
  • Arya Sasol Polymer Company (پلیمر آریا ساسول): linked to Ghadir Investment
  • Petrochemical Commercial Company (بازرگانی پتروشیمی) linked to EIKO via Tourism Bank
  • Pardis Petrochemical Company (پتروشیمی پردیس.): linked to Bonyad Shahid, BTS, Ghadir Investment

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