Octane Energy Group FZCO is a company registered in the United Arab Emirates (UAE) in a Free Zone Company (FZCO), a structure allowing multiple shareholders with no foreign ownership restrictions, governed by an independent Free Zone Authority. Established in 2019 company specializes in the distribution and marketing of Liquefied Petroleum Gas (LPG).
US Sanctions and Alleged Iranian Links
On February 24, 2025, the US imposed sanction on Octane Energy Group FZCO as part of a broader effort to target entities facilitating Iran petroleum trade, which funds destabilizing activities. The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of State designated the company for “knowingly engaging in a significant transaction for the purchase of petroleum products from Iran” as outlined in a press release (Treasury Imposes Additional Sanctions on Iran’s Shadow Fleet as Part of Maximum Pressure Campaign).so This action aligns with Executive Order 13846, blocking all property and interests in property of the designated entity in the US or under US jurisdiction, and prohibiting transactions by US persons unless authorized
Read also: Analysis of AvantGarde Tankers Ltd and Al Aqili Companies and Businesses with Iran
Business Dealings with Iran
A specific incident highlighted in the sanctions involves a 40,039.13-tonne LPG shipment supplied to Bangladesh via the Panama-flagged vessel GAZ GMS arriving at Chattogram Port on October 3. 2024.
The LPG Operators Association of Bangladesh alleged in a letter to the Chittagong Port Authority that the shipment was sourced from Iran. a sanctioned country, prompting scrutiny (US sanctions UAE-based Octane Energy Group for alleged Iranian links in LPG supply to Bangladesh). However a Bangladeshi committee investigation found no evidence of an Iranian connection, stating the LPG was loaded at Mina Rashid, UAE, through a ship-to-ship operation, and later refueled at Khorfakkan, UAE, before heading to Bangladesh
Octane Energy Group FZCO Tables for Clarity
Below is a table summarizing key details about Octane Energy Group FZCO:
| Aspect | Details |
|---|---|
| Location | United Arab Emirates (UAE), Free Zone Company (FZCO) |
| Established | 2019 |
| Primary Activity | Distribution and marketing of Liquefied Petroleum Gas (LPG) |
| US Sanctions Date | February 24, 2025 |
| Reason for Sanctions | Alleged purchase of Iranian petroleum products |
| Notable Incident | 40,039.13-tonne LPG shipment to Bangladesh, vessel GAZ GMS, Oct 3, 2024 |
| Ownership Details | Not publicly available |
| Management Details | Not publicly available |
Another table compares the company’s alleged Iranian dealings with the Bangladeshi investigation findings:
| Aspect | US Sanctions Claim | Bangladeshi Investigation Finding |
|---|---|---|
| Source of LPG | Purchased from Iran | Loaded at Mina Rashid, UAE, via ship-to-ship operation |
| Vessel Involved | GAZ GMS (Panama-flagged) | GAZ GMS, refueled at Khorfakkan, UAE, before Bangladesh |
| Date of Arrival | October 3, 2024, Chattogram Port | October 3, 2024, Chattogram Port |
| Implications | Funds Iran’s destabilizing activities | YES |
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