North Sea Oil Tycoon Faces Asset Freeze Over Iran Plant Dealings

Francesco Mazzagatti, an energy trader who has become a key figure in the North Sea industry, is facing a worldwide asset freeze over allegations he siphoned off funds from former business partners in Iran.

The Italian entrepreneur is accused in a London lawsuit of profiting through indirect ownership of an Iranian plastics resin producer, Mehr Petrochemical Co.

Francesco Mazzagatti in Houston, Texas, March 2025

Photographer: Aaron M. Sprecher/Bloomberg

Alliance Petrochemical Investment, a Singapore-based company with a stake in Mehr and co-owned by the Jahanpour family, alleges in court filings that Mazzagatti and an associate diverted customer payments and profits, and withdrew funds directly from company accounts.

API alleges ...