❗️US-sanctioned Iranian petrochemical giant brings home $10bn in oil export revenues

The Persian Gulf Petrochemical Industries Group (PGPIG), a US-sanctioned Iranian petrochemical producer, has generated $10bn in oil export revenues over the past two years despite sanctions and wartime conditions, according to Fars News Agency.

The company, which is also a public holding group, said in a report submitted to the Iranian government that it had entered a period of "surging profitability and development."

PGPIG said its net profit reached 187.5 trillion tomans, nearly $700m, last year, marking a 67.4 percent increase from the previous year, while production rose by 2 million tons.

The company said its subsidiaries generated nearly $10bn in export revenues over the past two years, with the funds repatriated to Iran through established financial and banking channels.

"During the critical period marked by imposed conflict and a naval blockade, and despite numerous challenges, the holding’s trade and export operations continued around the clock," the company said.

The US sanctioned PGPIG in 2019, accusing it of providing financial support to the economic arm of Iran's Islamic Revolutionary Guard Corps (IRGC).