An Iran-based joint venture between Chinese and Iranian energy companies; according to the U.S. Department of the Treasury, has assisted the Quds Force of the Islamic Revolutionary Guard Corps (IRGC) with smuggling oil.

Involved in oil refining and the distribution and sale of petroleum products; responsible for developing the Chabahar Ultra Heavy Oil Refinery, which is intended to be used for export to Afghanistan, China, and Pakistan.

According to the U.S. Department of the Treasury, worked with China-based subsidiary Fujie Petrochemical Zhoushan Co. Ltd. to facilitate the sale and purchase of Iranian crude oil from the IRGC Quds Force; collaborated with Behnam Shahriyari and Turkey-based IRGC Quds Force associates Abdulhamid Celik, Hakki Selcuk Sanli, and Seyyid Cemal Gunduz to launder the proceeds of the sales.

Largest shareholder is the Iran-based company Pars Phenol Pars; has claimed to have 250 employees.

Established in 2013.

Sanctions

Added on May 25, 2022, to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), blocking its assets under U.S. jurisdiction and prohibiting transactions with U.S. parties, pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism; also subject to the Iranian Financial Sanctions Regulations; foreign parties facilitating transactions for the entity or otherwise assisting the entity are subject to U.S. sanctions.