IRGC engineering conglomerate. The 7 June 2019 PGPIC designation is for providing financial support to Khatam — EPC contracts worth hundreds of millions, on top of a 2018 petroleum-ministry package of IRGC oil and petchem projects cited at $22 billion. Not a PGPIC subsidiary. The sanctions parent.
Short
Khatam
Site
Tehran
PRODUCTS
EPC · Construction
ANALYST NOTES
OFAC listing for PGPIC: “Linked To: KHATAM OL ANBIA GHARARGAH SAZANDEGI NOOH”.
This is why a pension-owned, TSE-listed holding is still an SDN: the cash and the contracts, not the share register alone.
EVENTS
2019-06-07OFAC designates PGPIC and 39 subsidiaries