US sanctions China energy trader and others for sales to Iran

13 January 2012 01:38  [Source: ICIS news]

HOUSTON (ICIS)--The US on Thursday imposed sanctions on China’s Zhuhai Zhenrong Corp and two other energy companies for supplying refined petroleum products to Iran.

US Secretary of State Hillary Clinton imposed the sanctions as part of the US efforts to pressure Iran over its nuclear programme.

China’s state-run Zhenrong is the largest supplier of refined petroleum product to Iran, the US State Department said.

Zhenrong brokered the delivery of more than $500m (€395m) in gasoline to Iran between July, 2010, and January, 2011, with individual deals over the $1m threshold under US law, and above the $5m threshold for sanctionable activities within a 12-month period, the US State Department said.

Also sanctioned were Singapore energy trading firm Kuo Oil and FAL Oil, an energy trader based in the United Arab Emirates (UAE).

Kuo provided over $25m in refined petroleum to Iran between late 2010 and early 2011, the State Department said.

FAL provided over $70m in refined petroleum to Iran over multiple shipments in late 2010, the department said.

All three companies are barred from receiving US export licences, US Export Import Bank financing and loans over $10m from US financial institutes, according to the State Department.

($1 = €0.79)

By: Brian Ford
+1 713 525 2653

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