The Liberian company is the registered owner of the crude oil tanker 'ELZA' (IMO 9221671), which was involved in the transfer of condensate from the South Pars field to STS with vessels of the sanctioned National Iranian Tanker Company (NITC), a subsidiary of the National Iranian Oil Company (NIOC).
The National Iranian Tanker Company is responsible for the transportation of Iranian crude oil intended for export, and plays a significant role in oil deals that are used to generate profits for the IRGC-QF (Islamic Revolutionary Guard Corps) and Hizballah (Hezbollah).
The National Iranian Oil Company (NIOC) is one of the largest oil and gas companies in the world and is controlled by the Iranian Ministry of Oil. NIOC and its subsidiaries explore, produce, transport, process and export oil and natural gas in Iran. The oil deals of NIOC, including its subsidiaries, are used to generate revenue for the IRGC-QF (Islamic Revolutionary Guard Corps) and Hizballah (Hezbollah). After russia's full-scale invasion of Ukraine, namely in July 2022 during putin's visit to Tehran, the National Iranian Oil Company and the russian sanctioned PJSC Gazprom signed a memorandum of understanding on strategic cooperation in the oil and gas sector worth about $40 billion.
On October 11, 2024, as part of the expansion of restrictions on Iran's oil/petrochemical sector, USA imposed sanctions on Elza Shipping SA for providing material assistance, sponsorship or financial, material or technological support to the National Iranian Oil Company (NIOC), as well as goods or services in support of NIOC, on or after November 05, 2018.