Myanmar disguised Iranian jet-fuel imports as $14.6 million of South African diesel
Reuters found that Myanmar-based broker Dynamic Wave arranged a December 2025 shipment of about 18,000 tonnes of Iranian jet fuel aboard the tanker Reef, using paperwork that described it as South African diesel. A letter from Myanmar’s foreign exchange regulator authorised the fuel to be labelled diesel and approved payment to the Thai seller, Tawan-Oil Trading; the shipment’s contract was worth €13.6 million ($15.8 million).
Bottom line — Reuters says Iranian fuel continued reaching Myanmar despite US sanctions, with the disguised December cargo worth €13.6 million ($15.8 million).
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Reuters traced the Reef from Iran’s Bandar Abbas port using shipment records, satellite images and analysis by SynMax Intelligence.
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The regulator’s November 30 letter authorised import documents to identify the cargo as diesel rather than jet fuel, according to a copy seen by Reuters.
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The December contract directed payment to Tawan’s account at Siam Commercial Bank in Thailand; Reuters could not determine whether the bank knew the nature of Tawan’s business.
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In May 2025, Dynamic Wave agreed to buy a further 32,000 tonnes described as South African diesel for €22.4 million ($26 million), according to a contract obtained by Reuters.
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Reuters reported that the May invoice’s fuel density matched jet fuel specifications, while its price was more than 50% above a global diesel benchmark.
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Myanmar’s military-backed government and the companies involved did not respond to Reuters’ requests for comment.