SEC warns it may act against PetroChina over Iran dealings
Energy firm admits to indirect dealings with Iran and other sanctioned countries and faces possible action from US watchdog
The US Securities and Exchange Commission (SEC) has warned it might take action against PetroChina after the energy giant admitted for the first time to doing business with its state-owned parent that involved countries under US sanctions, including Iran and Sudan.
The jury is still out, however, on whether Washington will impose penalties on PetroChina that could include fines and imprisonment, lawyers said.
PetroChina said on the New York Stock Exchange website last month that it processed crude oil imported from Iran and Sudan by China National United Oil Corp, a subsidiary of PetroChina's parent, China National Petroleum Corp (CNPC), in 2012.
Iran has been under sanctions to curb its nuclear programme, although sanctions will be eased starting January 20 in a deal struck between Iran and six major powers, including the US.
It’s hard to imagine the SEC ratcheting up a trade war with China by delisting [PetroChina]
This is the first time PetroChina has admitted it has done business related to Iran. In its 2012 annual report to the NYSE, the energy giant admitted it had bought "a small amount of crude oil" from "certain countries on the US sanction list", naming only Sudan.