US sanctions Iranian oil tanker, its captain for ‘selling illicit oil to Syria’
August 31, 2019, 9:12 am

US sanctions Iranian oil tanker, its captain for ‘selling illicit oil to Syria’

Iran tanker Adrian Darya 1 sought by US now off Lebanese coast

The United States on Friday sanctioned Iranian oil tanker Adrian Darya 1 and its captain for enabling Iran’s Revolutionary Guard Corps to “ship and transfer large volumes of oil… to fund the regime’s malign activities and propagate terrorism.”

This comes shortly after US Secretary of State Mike Pompeo announced that the US had reliable information that the tanker, which is carrying 2.1 million barrels of Iranian crude oil, was headed to Tartus, Syria.

Pompeo had earlier said that if the tanker went to Syria, Washington would take every action it could consistent with US sanctions.

https://twitter.com/SecPompeo/status/1167576352473702401

When the ship was released off Gibraltar in mid-August after a five-week standoff, Iran assured Britain that the cargo was not headed to Syria.

The latest twist sets it in the direction of Syria, and raises the possibility that a ship-to-ship transfer of cargo may be attempted once it nears Lebanon’s coast.

Treasury said the Adrian Darya's captain, Akhilesh Kumar, is also sanctioned under the order, which generally prohibits dealings with the blocked property by US persons.

“Anyone providing support to the Adrian Darya 1 risks being sanctioned. The path to relief is to change course and not allow the IRGC-QF to profit from illicit oil sales,” said Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence.

Faced with the US warnings, the tanker has been bouncing around the Mediterranean.

Turkey said on Friday that an Iranian oil tanker at the center of a confrontation between Washington and Tehran was headed to Lebanon’s waters.

According to Refinitiv tracking data, the Adrian Darya, formerly called Grace 1, after changing course several times headed on Friday for Turkey’s Iskenderun port, 200 km (124 miles) north of Syria’s Baniyas refinery, the tanker’s suspected original destination.

https://twitter.com/SecPompeo/status/1167621865566810112

Turkish Foreign Minister Mevlut Cavusoglu said earlier on Friday that despite the tracking data, the tanker was “for sure” not going to Turkish ports but rather towards Lebanese waters.

Earlier on Friday, the minister told Reuters the ship was headed to Lebanon’s “main” port. “I didn’t mean that this tanker is going to a Lebanese port, but (rather) according to the information coordinates it is heading to the territorial waters of the country,” he later told reporters at an Oslo forum.

“It doesn’t mean that it is going to reach a Lebanese port,” he said of the tanker that was carrying 2 million barrels of oil when released at Gibraltar. “We are monitoring it very closely.”

In response, Lebanese Finance Minister Ali Hassan Khalil said in a separate interview: “We have not been informed of the Iranian oil tanker Adrian Darya heading (here).”

Western threats

The apparent confusion underlines the risk of reprisal that countries face taking in the tanker, which at 1400 GMT was headed east toward the channel separating Turkey and Cyprus after a series of turns in the Mediterranean Sea, according to tracking data.

The ship had been detained off Gibraltar due to British suspicion that it was carrying Iranian oil to Syria in violation of European Union sanctions.

The United States says the tanker is controlled by the Iranian Revolutionary Guards, which it considers a terrorist group.

“What’s important here is that it is carrying oil that enables the terrorism of (President Bashar al-Assad’s) regime,” a State Department spokesperson said. The Trump administration has conveyed “our strong position via diplomatic channels to all ports in the Mediterranean that should be forewarned about facilitating” the tanker, said the spokesperson, who declined to be named.

The US Treasury Department on Friday blacklisted the ship and sanctioned its captain.

Washington last year pulled out of a nuclear deal with Iran aimed at blocking its path to a nuclear bomb, and has ramped up sanctions to pressure and isolate Tehran. Iran denies ever having sought to build or acquire a nuclear weapon.

Cavusoglu told Reuters that Turkish President Tayyip Erdogan spoke about the ship’s coordinates with British Prime Minister Boris Johnson on Thursday. In a readout of the call, London said the leaders agreed it was vital to prevent Iran from acquiring a nuclear weapon but did not mention the tanker.

Options ahead

Shipping sources said the tanker would need to conduct a ship-to-ship transfer before being able to enter a port such as Beirut’s, which does not have deep water facilities necessary for fully laden supertankers.

It could potentially discharge its cargo offshore towards Lebanon’s Tripoli port further north, which is closer to Syria’s coastline between Lebanon and Turkey, they said. There is a ship-to-ship transfer anchorage outside of Tripoli port limits.

Beirut and Tripoli ports have both served as transhipment hubs for cargoes bound for Syria in recent years during Syria’s conflict.

An Iranian government spokesman was quoted on Monday as saying Iran had sold the oil aboard the tanker and that the vessel’s owner, whose identity he did not disclose, would decide its destination.

After its release at Gibraltar, the ship stated that its destination was the Greek port of Kalamata, then Turkey’s Mersin. On Thursday, it abruptly changed course, heading first west then south, away from the Turkish coast.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.