Laugfs halts Dubai unit, to appeal Iran sanctions listing by US

Sri Lanka
By Editor_1
Laugfs Gas has announced it is halting operations of its Dubai-based unit, SLOGAL Energy DMCC, pending a compliance review, after the US Treasury’s Office of Foreign Assets Control listed the company for allegedly trading in Iranian petrochemicals – Laugfs/Facebook

COLOMBO – Sri Lanka’s Laugfs Gas has announced that it is halting operations of its Dubai-based unit, SLOGAL Energy DMCC, pending a compliance review, after the US Treasury’s Office of Foreign Assets Control (OFAC) listed the company for allegedly trading in Iranian petrochemicals.

According to OFAC, SLOGAL Energy DMCC was involved in the purchase and sale of Iranian-origin gas to Sri Lanka and Bangladesh, raising concerns under US sanctions.

In a statement filed with the Colombo Stock Exchange, Laugfs Gas emphasized that the company has never knowingly engaged in trade involving sanctioned entities or products of sanctioned origin. “All our commercial transactions have been conducted in accordance with international trade practices, supported by certificates of origin and comprehensive Know Your Customer documentation verifying legitimate sources of supply,” the company said.

The company confirmed that all commercial operations of SLOGAL Energy have been suspended, and a legal and compliance review is underway with the assistance of US sanctions counsel. “The objective of this review is to submit a petition for exclusion (delisting) of SLOGAL Energy DMCC from the Specially Designated Nationals (SDN) list under Executive Order 13902 at the earliest opportunity,” the filing added.

Laugfs also clarified that its domestic distribution of LP Gas in Sri Lanka remains unaffected by the action.

This development comes amid increased global scrutiny of companies trading in Iranian petrochemical products, highlighting the complexities faced by regional energy suppliers in navigating international sanctions.

-ENCL

Editor_1
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