Draft:Milen Trading Co., Limited
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Milen Trading Co., Limited (Chinese: 美然貿易有限公司) is a Hong Kong–registered trading company incorporated on April 3, 2024.[1] It is registered at Room D5, 5th Floor, King Yip Factory Building, 59 King Yip Street, Kwun Tong, Kowloon, Hong Kong.[1] According to U.S. authorities, Milen Trading is effectively a front company in the petroleum trading sector, used to facilitate shipments of Iranian crude oil.[1]
Industry focus and business operations
[edit]U.S. Treasury reports and news sources indicate its operations are focused on oil trading/shipping. In May 2025, the U.S. Treasury described Milen as one of several Hong Kong–based firms "broker[ing] and receiv[ing] shipments of Iranian oil delivered to independent ‘teapot' refineries in China".[2] In practice, Milen Trading was used to arrange and accept tanker deliveries of Iranian crude, often employing complex transfer schemes. For example, U.S. sanctions documents note that in 2023–24, Milen (together with sister companies) leased port storage tanks in Dongjiakou, China to hold Iranian oil cargoes between ship-to-ship transfers and final delivery.[3]
Connections to Iran – Sepehr Energy network
[edit]Milen Trading is not an independent commercial entity in the conventional sense but part of a covert network serving Iran's military-linked oil trade. U.S. officials report that Milen Trading is controlled by Sepehr Energy Jahan Nama Pars Company, a front company for Iran's Armed Forces General Staff (AFGS). Sepehr Energy was designated by the U.S. in 2023 for funding Iran's defense sector,[2] and it "often carries out its oil shipments through a series of 'deals' between multiple front companies that it owns or controls".[2] Milen Trading Co., Ltd. is explicitly cited as one such front. The Department of the Treasury confirms Milen was set up and directed by Sepehr Energy to obscure the origin of Iranian crude. In other words, Milen Trading's "commercial activities" are controlled by Iranian military interests.[2]
Milen Trading operated alongside two sister Hong Kong companies, Xin Rui Ji Trading Co., Limited and Star Energy International Limited, which were likewise created to receive and broker Iranian oil shipments under Sepehr's direction.[2] All three shared the same Hong Kong address (King Yip Factory Building, Kwun Tong) and were sanctioned together. U.S. sources note that, for example, Sepehr Energy used Star Energy and Milen Trading to take delivery of an Iranian oil cargo at Rizhao Port (China) and then pass it on to the buyer.[2]
Trade activities and partnerships
[edit]While Milen Trading has no known on-the-ground presence in Iran, it actively participated in trade dealings originating in Iran. Specifically, it handled crude oil produced in Iran. The oil was typically shipped out of Iranian ports via aging tankers (often under flags like Cameroon or Panama) and transferred at sea or in neutral ports to conceal origin. Milen Trading then received these cargos in Chinese ports. Once in China, Milen coordinated storage and delivery. For instance, the firm (with Xin Rui Ji and Star Energy) leased and used shore tanks at Chinese harbors to store Iranian crude before final delivery to independent "teapot" refineries[4] in Shandong Province.[3]
U.S. reports mention that Milen's network relied on Chinese inspection firms (e.g. CCIC) to falsify cargo documents and on Hong Kong–based shipping firms (e.g. Fine Sanmata Shipping Co., Forsal Chartering, Nanhai Limited) for tanker operations photon media.net.[5]
Regulatory action and sanctions
[edit]On May 13, 2025, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Milen Trading Co., Limited as a Specially Designated National (SDN) under Executive Order 13224.[1][2][6] The Treasury press release notes Milen was added for being "owned, controlled, or directed by" Sepehr Energy.[2] This action blocks any U.S. persons from dealing with the company and reflects its role in financing Iran's military via oil sales. The Federal Register Notice also lists Milen's HK business-registration number (76393312), Chinese name, address, and "organization established date" (3 Apr 2024) ofac.treasury.gov.[1]
See also
[edit]- Oil smuggling in Iran
- Xin Rui Ji
- Star Energy International Limited
- Majid Azami
- Jamshid Eshaghi
- Elyas Nirumand Tumaj
References
[edit]- ^ a b c d e "Counter Terrorism Designations; Iran-related Designations | Office of Foreign Assets Control". ofac.treasury.gov. Retrieved 2025-06-05.
- ^ a b c d e f g h "Treasury Targets Global Network Shipping Iranian Oil, Funding Iran's Military and Terrorist Activities". U.S. Department of the Treasury. 2025-02-08. Retrieved 2025-06-05.
- ^ a b "U.S. Sanctions Network of Companies Moving and Selling Iranian Oil". The Maritime Executive. Retrieved 2025-06-05.
- ^ "How Beijing's Teapot Refineries Became the Backbone of Global Sanctions-Busting - Regtechtimes". 2024-03-30. Retrieved 2025-06-05.
- ^ "美國制裁多間香港企業 涉協助伊朗向中國走私石油、供應導彈零件 - 光傳媒 Photon Media" (in Chinese (Taiwan)). 2025-05-15. Retrieved 2025-06-05.
- ^ "Milen Trading Co., Limited". www.lursoft.lv. 2025-06-05. Retrieved 2025-06-05.