US imposes sanctions on Iranian oil giant, 39 subsidiaries

US imposes sanctions on Iranian oil giant, 39 subsidiaries
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The U.S. Treasury Department has announced sanctions against Iran's Persian Gulf Petrochemical Industries Company (PGPIC).

The sanctions announced hit PGPIC and 39 subsidiaries and foreign-sales agents.

The company accounts for 40 percent of Iran's petrochemical-production capacity and 50 percent of its petrochemical exports.

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