A $15.8 Million Diesel Deal Wasn’t What It Seemed. Myanmar Was Receiving Sanctioned Iranian Jet Fuel.

A $15.8 million shipment described as South African diesel was actually Iranian jet fuel delivered to Myanmar, according to newly examined contracts, government correspondence and shipping evidence revealing how the country's military government concealed fuel purchases despite U.S. sanctions.

The tanker Reef arrived in Myanmar waters in December 2025 carrying approximately 113,000 barrels of aviation fuel loaded at Iran's Bandar Abbas port. Yet the paperwork identified the cargo as diesel purchased by Myanmar-based energy broker Dynamic Wave from Thailand's Tawan-Oil Trading, a Reuters investigation published Monday found.

A confidential letter dated November 30 showed that Myanmar's Foreign Exchange Supervisory Committee had authorized the shipment to be documented as diesel rather than aviation fuel.

The letter also approved payment arrangements involving Dynamic Wave and National Energy Prime Aviation Services Company, or NEPAS, a business partly owned by Myanmar's military-controlled state.

The records were obtained from a government commerce ministry server that had been briefly accessible to the public, according to Justice for Myanmar, which published its findings Monday.

The outlet separately examined shipment records and satellite imagery analyzed by SynMax Intelligence, tracing Reef's journey from Iran to Southeast Asia.

The arrangement concealed both the fuel's origin and the identity of the underlying purchaser. NEPAS, which is 51% owned by state-controlled Myanma Petrochemical Enterprise, used Dynamic Wave as an intermediary in transactions with Tawan-Oil Trading.

The December delivery was part of a larger pattern identified in documents covering fuel imports between December 2024 and November 2025.

Justice for Myanmar examined six transactions involving more than 843,000 barrels of aviation fuel valued at approximately $109.5 million. The contracts described the cargoes as high-speed diesel, with some identifying South Africa or Singapore as their origin or loading location.

Three transactions involving Dynamic Wave and Tawan-Oil Trading accounted for approximately 527,624 barrels worth $68.49 million. One agreement signed in May 2025 covered 202,000 barrels supposedly originating in South Africa, with a contract value exceeding $26 million.

Its invoice listed a fuel density of 0.795 kilograms a liter, consistent with jet fuel specifications rather than the diesel grade stated in the contract. The price, approximately $129.50 a barrel, was also at least 47% higher than comparable genuine diesel imports into Myanmar that month.

The tanker Noble subsequently arrived in Yangon on June 17 carrying nearly 200,000 barrels of aviation fuel destined for Dynamic Wave, Reuters found.

SynMax satellite analysis traced the vessel to Bandar Abbas, although its transmitted location signals suggested it was heading toward Chittagong in Bangladesh.

The two tankers were previously sanctioned by the United States, and Reef has since been renamed Maris.

Justice for Myanmar also identified three other contracts involving PP Petroleum, a company linked to Myanmar's aviation fuel distribution network. Those transactions were valued at approximately $41.06 million.

The organization said the documents revealed discrepancies in product descriptions, pricing and customs classifications consistent with efforts to conceal aviation fuel imports.

The contracts directed payments for Dynamic Wave's purchases to Tawan-Oil Trading's account at Siam Commercial Bank in Thailand. Tawan had previously been identified as a supplier of aviation fuel to Myanmar's military in a 2024 investigation by a United Nations special rapporteur.

The same U.N. investigation identified Siam Commercial Bank as a major financial channel for Myanmar-related military procurement.

The bank previously said it complied with anti-money-laundering requirements and maintained that its Myanmar-related transactions were legitimate and unrelated to arms trading.

Reuters said it could not establish whether the bank knew the nature of Tawan's business. The bank, Tawan and Thailand's central bank did not respond to requests for comment about the transactions.

The contracts also raised questions about Tawan's corporate status. Justice for Myanmar found that the company had registered for dissolution in Thailand in August 2024 but continued appearing in fuel purchase agreements during 2025. Its liquidation had not been completed as of August 2026.

The organization said it had referred the matter to Thai authorities, including the Department of Business Development and Anti-Money Laundering Office, seeking an investigation into the company's activities.

The financial arrangements emerged against a backdrop of U.S. restrictions targeting Myanmar's military aviation fuel supply chain.

Myanmar's armed forces have relied heavily on airstrikes during the civil war that followed the February 2021 coup against Aung San Suu Kyi's elected government.

A United Nations human rights report published in February found that airstrikes killed at least 982 civilians in 2025, compared with 641 in 2024. The 2025 total included 232 children.

Myanmar's foreign ministry has previously maintained that its military exercises maximum restraint to avoid civilian casualties. Separate shipping analysis indicates that fuel deliveries have continued despite international restrictions.

Justice for Myanmar reported that official Myanmar port figures showed aviation fuel imports increasing from 64,562 metric tons in 2024 to 140,306 metric tons in 2025, more than doubling in a year.

The organization has submitted its findings to Thai authorities and called for further investigation of the companies involved in the transactions.