US hits Chinese, other firms over Iran business
WASHINGTON, Jan 12, 2012 (AFP) - Washington placed sanctions on three companies from China, Singapore and the United Arab Emirates Thursday for selling refined oil products to Iran.
A day after US Treasury Secretary Timothy Geithner met Chinese leaders on how to boost pressure on Tehran to halt its alleged nuclear weapons program, the Treasury placed sanctions on Zhuhai Zhenrong Co. of China, which it called the largest supplier of refined petroleum product to Iran.
Also hit with sanctions were Singapore trader Kuo Oil and the UAE's FAL Oil Co.
Under the sanctions, all three companies are barred from receiving US export licenses, trade support from the US Export Import Bank, and loans over $10 million from US financial institutions, Treasury said.
It said Zhuhai Zhenrong had brokered the delivery of more than $500 million in gasoline to Iran between July 2010 and January 2011, far higher than thresholds the US had set for allowable deals.Kuo did $25 million in refined petroleum business with Iran in late 2010 and early 2011, while FAL provided $70 million in refined products to Iran in late 2010, also breaking the thresholds.
"The United States is working with international partners to maintain pressure on the Government of Iran to comply with its international nuclear obligations," the Treasury said.China, long an important customer for Iranian oil exports, has resisted adding any strong support to US and European efforts to tighten pressure on Tehran to halt its nuclear program.
Vice foreign minister Cui Tiankai warned this week against making any links between China's trade relations with Iran and pressure on Tehran's nuclear program.
But politicians in the US Senate have called for tougher action on China to get it into line with the US and EU position, saying sanctions should hit the country's three largest oil companies: Sinopec, China National Offshore Oil Corporation and China National Petroleum Corporation.
On Thursday European diplomats said they were closer to an agreement on an embargo on Iranian oil, that would give EU companies six months to phase out contracts with Iran.pmh/jm
Please feel free to comment to any of the posts on this blog. The intent is to start discussions on the subject content. If you have articles for post or comments about the blog in general please contact: Thank you Preferred Logistics----------- www.preferredlogistics.biz
No comments:
Post a Comment
Hello,
I appreciate your comments regarding this blog. I welcome your suggestions and would appreciate you additions to this blog.
The focus of this blog has changed beginning October 1,2011. Logisitcs and Supply Chain dynamics will be the focus.
Our website is www.preferredlogistics.biz