Iran
March 04, 2019

Iranian Tractor Manufacturer Owns Joint Ventures with SOEs in Venezuela and Uganda

 

 

Iran Tractor Manufacturing Company (ITMC) maintains joint ventures with state-owned enterprises (SOE) in Venezuela and Uganda. ITMC is the largest tractor manufacturer in the Middle East and North Africa and generates “millions of dollars in profit for the investment firms that represent the economic agenda of the Basij and its Bonyad Taavon Basij,” according to the US Department of the Treasury designation statement on ITMC.

Venezuela-based Venirantractor, CA is “subordinate” to the Venezuela Ministry of Basic Industries and is a member of the ITMC group of companies, according to the company website and media reporting. The US restricts certain financing for Venezuelan state-controlled enterprises.

Another ITMC company, Uganda-based Ugiran Tractor Manufacturing, is co-owned by Luwero Industries, a subsidiary of the Ugandan army’s commercial arm. Sanctions against Luwero Industries pursuant to Section 3 of the Iran, North Korea, and Syria Nonproliferation Act expired in June 2018.

Kharon research

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