The Jam Petrochemical Company announced on Monday January 27 that sanctions against 14 Iranian petrochemical companies have now been lifted by the U.S. Treasury Department.
ISNA reports that Jam Petrochemical’s department of commerce said the names of 14 Iranian companies, including Jam, have been removed from the blacklist of the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
The report indicates that in compliance with the Geneva agreement between Iran and the world powers reached on November 24, 2013, a range of sanctions against Iran were temporarily removed by the U.S. Treasury on January 20th for a period lasting until July 20, 2014.
The removal of the sanctions frees these companies from all restrictions on the export of petrochemical products as well as their financial, insurance and transportation activities.
ISNA reports that the National Iran Oil Company and the Iranian Oil Terminals Company have also been removed from the sanctions blacklist.