New U.S. sanctions target Iran's petrochemical industry

WASHINGTON  - The United States targeted Iran's petrochemical industry in new sanctions imposed on Friday, including the country's largest petrochemical holding group over its financial support for the Islamic Revolutionary Guard Corps, the Treasury Department said.

The new sanctions come as Washington keeps up pressure against Iran over its ballistic missile program and for waging proxy wars in other Middle Eastern countries.

The sanctions target Persian Gulf Petrochemical Industries Company (PGPIC) for providing financial support the economic arm of the IRGC, Iran's elite military unit in charge of Iran's ballistic missile and nuclear programs.

Treasury also designated the holding group's network of 39 subsidiary petrochemical companies and foreign-based sales agents. PGPIC and its subsidiaries hold 40% of Iran's petrochemical production capacity and are responsible for 50% of Iran's total petrochemical exports, it said.