How son of Iran’s Ayatollah Khamenei’s advisor became an oil tycoon?
The son of Iran’s former national security chief Hossein Shamkhani has come out as a major player in the global oil market, a Bloomberg report says.
Apart from strict US sanctions targeting Iranian and Russian oil, Shamkhani has successfully managed to run international oil trading operations from the heart of Dubai.
Shamkhani’s fame is inseparably linked to his father, Ali Shamkhani, a prominent figure in Iran’s defence and security apparatus.
Also read: Iran: How Ayatollah Khamenei became its most powerful man
Ali Shamkhani, who served as the Secretary of Iran’s Supreme National Security Council (SNSC) for nearly a decade, continues to serve as an advisor to Supreme Leader Ayatollah Ali Khamenei.
While the elder Shamkhani has maintained a intimidating presence in Iran’s political landscape, his son has silently built a business empire that now commands significant influence in global energy markets.
The Dubai Connection
Two years ago, Milavous Group Ltd, leased a premium office space in a Dubai corporate tower.
Within months, the firm had developed a substantial role in the global oil market.
According to sources familiar with the company’s operations, Hossein Shamkhani, who operates under the pseudonym “Hector” in trading circles, is the driving force behind Milavous, the report stated.
Milavous has reportedly made billions in revenue by selling commodities sourced from Iran, Russia, and other nations.
The firm reportedly operates by blending and rebranding crude oil, often obscuring the origin of the products and complicating efforts to enforce international sanctions.
Influence and Evasion
Shamkhani’s group, described by insiders as one of the largest oil trading entities in Iran, has managed to escape US sanctions through a combination of legal loopholes, strategic partnerships, and a global network of shell companies.
While Shamkhani himself is not subject to US sanctions, several vessels believed to be under his control have been targeted by the US Treasury Department.
However, the sheer scale of his operations, involving over 60 ships, has made it difficult for US authorities to completely dismantle his network.
Milavous, under Shamkhani’s guidance, has also expanded its reach into major international markets, reportedly supplying oil to global energy giants like China’s Sinopec, Chevron, and BP, the report says.
These companies, however, maintain that they abide by all relevant laws and sanctions.
The US government’s efforts to suppress Shamkhani’s network have been complicated by the potential economic repercussions.
With Iran’s oil exports estimated to generate $35 billion annually, any significant disruption could have ripple effects across global energy markets, particularly during an election year in the US when fuel prices are under scrutiny.
