2020-01-27 14:55:00
U.S., DUBAI, HONG CONG, CHINA SANCTIONS
MEOG - The US State Department on Thursday set sanctions against companies in Dubai, Hong Kong, and Shanghai, which it says made deals worth hundreds of millions of dollars with Iran's national oil company after US sanctions waivers expired in May 2019.
According to a press statement by Secretary of State Mike Pompeo, UAE company Beneathco is being sanctioned "for assisting or supporting the previously sanctioned National Iranian Oil Company (NIOC)."
Hong Kong entity Sage Energy HK Limited and China's Peakview Industry Co were also sanctioned for the same reason.
The US Department of Treasury said that in late 2018, Beneathco offered to to help NIOC disguise the origin of Iranian products being exported to the UAE. It said that in 2019, Beneathco transfered of the equivalent of millions of dollars to NIOC.
Another Chinese company, Shandong Qiwangda Petrochemical, and two Hong Kong enterprises, Triliance Petrochemical and Jiaxiang Industry Hong Kong Limited, were also sanctioned for engaging in "a significant transaction" to buy, sell, or transport petrochemical products from Iran.
Treasury said that Triliance "ordered the transfer of the equivalent of millions of dollars to NIOC as payment for Iranian petrochemicals, crude oil, and petroleum products shipped to the United Arab Emirates and China" after waivers expired.
"As long as the Iranian regime continues to exploit revenue from its petroleum and petrochemical industries to fund destabilizing activities, we will sanction any entity or individual that facilitates such trade," Pompeo said.
-----
Earlier:
2020, January, 24, 13:05:00
UAE INVESTMENT FOR EGYPT $7.2 BLN
The UAE is currently the largest investor in Egypt with total investments exceeding AED26.5 billion (US$ 7.2 bn), according to Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council.
2020, January, 17, 11:25:00
IRAN'S RECESSION
Iran's economy shrank by 4.6% in the 2018-2019 fiscal year and the contraction is expected to deepen to 7.2% in the current fiscal year, the IIF, a finance industry body, said this week.
2020, January, 13, 15:25:00
UAE, INDONESIA INVESTMENT $23 BLN
In the petrochemical and gas sectors, Abu Dhabi National Oil Company (ADNOC) signed deals with Indonesian companies PT Pertamina [PERTM.UL] and PT Chandra Asri Petrochemicals (TPIA.JK), UAE state news agency WAM reported.
2020, January, 6, 10:32:00
UAE RENEWABLE ENERGY INVESTMENT AED 600 BLN
The UAE Energy Strategy 2050 aims to achieve an energy mix that combines renewable and clean energy sources to balance economic requirements and environmental goals. The UAE will invest AED 600 billion until 2050 to meet the growing energy demand and ensure the sustainable growth of economy.
