Adani Group refutes WSJ claims, affirms no engagement with Iranian LPG or sanctioned trade
The company said, “Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG.” It further noted it is not aware of any investigation by US authorities on this matter.
- Jun 2, 2025,
- Updated Jun 2, 2025 9:54 PM IST
Adani Group issued an official statement refuting allegations made in a Wall Street Journal article that linked the company to trade involving Iranian-origin liquefied petroleum gas (LPG). The article alleged potential violations of US sanctions. Adani Enterprises categorically denied the claims and emphasised full compliance with international trade regulations.
In a filing to the exchanges, Adani Enterprises described the allegations in the WSJ article as “baseless and mischievous.” The company said, “Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG.” It further noted it is not aware of any investigation by US authorities on this matter.
It asserted that the article was based on “incorrect assumptions and speculation,” and that any suggestion of Adani entities knowingly violating US sanctions is inaccurate. It emphasised that any contrary assertion would be considered defamatory and an attempt to damage the group’s reputation.
Adani stated that, as a policy, it does not handle cargo originating from Iran or involving Iranian-flagged or Iranian-owned vessels at any of its ports. This policy, the company said, is consistently enforced across all its port operations.
The company also highlighted that the LPG segment constitutes a minimal part of its business. In FY24-25, LPG revenue amounted to $171.2 million, representing approximately 1.46% of its consolidated revenue of $11,727 million. Despite its limited scope, Adani affirmed that all LPG trade is conducted in compliance with domestic and international laws, including US sanctions regulations.
Adani detailed its compliance process, which includes due diligence and KYC of suppliers to confirm they are not listed under OFAC sanctions. Additionally, it uses the S&P Global Market Intelligence Network (MINT) platform to ensure that shipping vessels are not historically red-flagged. Contracts include specific clauses requiring the product’s origin to be from non-sanctioned countries.
Regarding the shipment mentioned in the WSJ article, Adani clarified it was a standard commercial transaction conducted through third-party logistics partners. The shipment documentation identified Sohar, Oman, as the port of origin.
The company further stated that it does not own, operate, or track vessels referenced in the report, including SMS Bros and Neel, and therefore cannot comment on their activities. It concluded by stating that it has fulfilled all responsibilities expected of a legitimate importer.
The Wall Street Journal, in a report dated June 2, 2025, claimed that US prosecutors are examining whether companies associated with industrialist Gautam Adani violated US sanctions by importing Iranian petrochemical products into India via the Mundra port in Gujarat.
The report alleged that the investigation identified tankers moving between the Persian Gulf and Mundra port — operated by Adani Ports and Special Economic Zone Ltd — and stated that the vessels exhibited patterns typically associated with sanctions evasion, according to industry experts.
Adani Group issued an official statement refuting allegations made in a Wall Street Journal article that linked the company to trade involving Iranian-origin liquefied petroleum gas (LPG). The article alleged potential violations of US sanctions. Adani Enterprises categorically denied the claims and emphasised full compliance with international trade regulations.
In a filing to the exchanges, Adani Enterprises described the allegations in the WSJ article as “baseless and mischievous.” The company said, “Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG.” It further noted it is not aware of any investigation by US authorities on this matter.
It asserted that the article was based on “incorrect assumptions and speculation,” and that any suggestion of Adani entities knowingly violating US sanctions is inaccurate. It emphasised that any contrary assertion would be considered defamatory and an attempt to damage the group’s reputation.
Adani stated that, as a policy, it does not handle cargo originating from Iran or involving Iranian-flagged or Iranian-owned vessels at any of its ports. This policy, the company said, is consistently enforced across all its port operations.
The company also highlighted that the LPG segment constitutes a minimal part of its business. In FY24-25, LPG revenue amounted to $171.2 million, representing approximately 1.46% of its consolidated revenue of $11,727 million. Despite its limited scope, Adani affirmed that all LPG trade is conducted in compliance with domestic and international laws, including US sanctions regulations.
Adani detailed its compliance process, which includes due diligence and KYC of suppliers to confirm they are not listed under OFAC sanctions. Additionally, it uses the S&P Global Market Intelligence Network (MINT) platform to ensure that shipping vessels are not historically red-flagged. Contracts include specific clauses requiring the product’s origin to be from non-sanctioned countries.
Regarding the shipment mentioned in the WSJ article, Adani clarified it was a standard commercial transaction conducted through third-party logistics partners. The shipment documentation identified Sohar, Oman, as the port of origin.
The company further stated that it does not own, operate, or track vessels referenced in the report, including SMS Bros and Neel, and therefore cannot comment on their activities. It concluded by stating that it has fulfilled all responsibilities expected of a legitimate importer.
The Wall Street Journal, in a report dated June 2, 2025, claimed that US prosecutors are examining whether companies associated with industrialist Gautam Adani violated US sanctions by importing Iranian petrochemical products into India via the Mundra port in Gujarat.
The report alleged that the investigation identified tankers moving between the Persian Gulf and Mundra port — operated by Adani Ports and Special Economic Zone Ltd — and stated that the vessels exhibited patterns typically associated with sanctions evasion, according to industry experts.