US puts sanctions on firms due to Iran ties
Source: Agencies |
January 14, 2012, Saturday
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Print Edition
Print Edition
THE United States on Thursday imposed sanctions on China's state-run Zhuhai Zhenrong Corp, which it said was Iran's largest supplier of refined petroleum products.
US Secretary of State Hillary Clinton also imposed sanctions on Singapore's Kuo Oil Pte Ltd and FAL Oil Company Ltd, an independent energy trader based in the United Arab Emirates, the State Department said in a notice.
The United States said the move was part of a broadening international effort to target Iran's energy sector and force Tehran to rein in its nuclear programs.
"The sanctions announced today are an important step toward that goal, as they target the individual companies that help Iran evade these efforts," the statement said.
The sanctions bar all three companies from receiving US export licenses, US Export Import Bank financing or loans over US$10 million from US financial institutions, the State Department said, stressing that the sanctions apply only to the companies and not to their governments or countries.
Analysts said the US move was largely symbolic, given that Zhenrong was unlikely to have much US business exposure. But the move will send a signal to China's state-run oil giants such as China National Petroleum Corp, China Petroleum and Chemical Corp and China National Offshore Oil Corp, they said.
These companies have invested billions of dollars in the US energy sector, and are much more exposed to potential sanctions.
Zhuhai Zhenrong - one of four dominant Chinese state oil traders - brokered the delivery of over US$500 million in gasoline to Iran between July 2010 and January 2011, the US State Department said.
US Secretary of State Hillary Clinton also imposed sanctions on Singapore's Kuo Oil Pte Ltd and FAL Oil Company Ltd, an independent energy trader based in the United Arab Emirates, the State Department said in a notice.
The United States said the move was part of a broadening international effort to target Iran's energy sector and force Tehran to rein in its nuclear programs.
"The sanctions announced today are an important step toward that goal, as they target the individual companies that help Iran evade these efforts," the statement said.
The sanctions bar all three companies from receiving US export licenses, US Export Import Bank financing or loans over US$10 million from US financial institutions, the State Department said, stressing that the sanctions apply only to the companies and not to their governments or countries.
Analysts said the US move was largely symbolic, given that Zhenrong was unlikely to have much US business exposure. But the move will send a signal to China's state-run oil giants such as China National Petroleum Corp, China Petroleum and Chemical Corp and China National Offshore Oil Corp, they said.
These companies have invested billions of dollars in the US energy sector, and are much more exposed to potential sanctions.
Zhuhai Zhenrong - one of four dominant Chinese state oil traders - brokered the delivery of over US$500 million in gasoline to Iran between July 2010 and January 2011, the US State Department said.
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