Iran’s Islamic Revolutionary Guard Corps (IRGC) now control around half of Iran’s more than $50 billion per year in oil exports, up from 20 percent three years ago, according to Western and Iranian sources. Most of the oil is sold to China through front companies such as China-based Haokun. IRGC-controlled oil sells at a slight discount compared to that sold by the National Iranian Oil Company (NIOC) subsidiary NICO because the IRGC is designated as a terrorist organization by the United States.