China International United Petroleum and Chemicals Company Limited (UNIPEC) (China)

The trading arm of China’s state-run oil company Sinopec, China International United Petroleum and Chemicals Company Limited (UNIPEC) has continued to sell gasoline to Iran in violation of U.S. law.

Date: 2001 - 2004

Deal: The Saudi Gazette reported that state-run sold gasoline to Iran between 2001 and 2004 (Saudi Gazette, April 15, 2010).

 

Date: April 2010

Deal: Iran’s PressTV reported that UNIPEC agreed to sell around 250,000 barrels to Iran through a third party in Singapore (PressTV, April 22, 2010). Further details are not available.

According to the U.S. Government Accountability Office, UNIPEC sold gasoline to Iran between January 1, 2009 and June 30, 2010 with no indication that they have stopped sales (GAO, September 3, 2010).

 

Date: December 2011 - Ongoing

Deal: Platts Oilgram News reported that UNIPEC signed a contract with National Iranian Oil Company (NIOC) in February 2011 to purchase around 24 million barrels of condensate from South Pars. The one year contract made “it the single biggest lifter of Iranian condensate” (Platts Oilgram News, February 18, 2011).

Bloomberg reported in January 2012 that UNIPEC and NIOC had not yet agreed on a contract for the year of 2012 (Bloomberg Businessweek, January 10, 2012).

Iran’s PressTV reported that NIOC and UNIPEC reached an agreement in February 2012 to increase oil exports to China to 500,000 barrels per day (PressTV, February 17, 2012).

The Wall Street Journal reported that while NIOC and UNIPEC reached an export agreement in February, UNIPEC’s imports dropped for the first few months of the year; “by May they were back to levels similar to those of a year earlier” (The Wall Street Journal, June 29, 2012).

However in July 2012, Reuters reported that a dispute between UNIPEC and the National Iranian Tanker Company (NITC) over freight terms could delay deliveries (Reuters, July 3, 2012).

Oil & Gas News reported in August 2012 that NIOC signed a agreement with UNIPEC for 2012 for crude oil delivery, ending the payment dispute (Oil & Gas News, August 27, 2012).  

Ties to U.S. Business:  According to USASpending.gov, Unipec has not received any contracts from the Federal government (USAspending.gov, accessed April 16, 2013).