Chennai-based company penalised for violation of Iranian Sanctions Regulations

Washington: A Chennai-based company has agreed to pay a penalty of USD 17,500 in a settlement with the Department of Treasury to settle its potential civil liability for an apparent violation of the Iranian Transactions and Sanctions Regulations.

The apparent violation by Aban Offshore Limited of Chennai occurred on June 27, 2008 when company's Singapore subsidiary placed an order for oil rig supplies from a vendor in the United States with the intended purpose of re-exporting these supplies from the United Arab Emirates to a jack-up oil drilling rig located in the South Pars Gas Fields in Iranian territorial waters.

In a statement, the Office of Foreign Assets Control (OFAC) at the Department of Treasury said that it determined that Aban did not voluntarily self-disclose the apparent violation to it, and that the apparent violation constitutes a non-egregious case.