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PetroChina

China

PetroChina is a subsidiary of the China National Petroleum Corporation (CNPC), which owns 86 percent of its shares, according to its website (PetroChina Website, accessed July 8, 2010).

Date: December 2006 – Ongoing

Deal: According to Bloomberg, China's largest oil company "signed an initial agreement to buy three million tons of liquefied natural gas a year from Iran to supply terminals it plans to build on China's northern coast." PetroChina signed the 25-year deal with National Iranian Gas Export Company, and gas deliveries are scheduled to begin in 2011 (Bloomberg, December 21, 2006).

According to The Wall Street Journal, PetroChina decided to continue its projects in Iran without interruption despite sanctions on Iran. PetroChina is spearheading the CNPC’s effort to increase overseas oil production. CNPC has kept assets in countries like Iran out of PetroChina in order to prevent backlash (The Wall Street Journal, May 19, 2010).

Date: September 2011 - Unclear

Deal: According to Steel Guru, PetroChina invested $8.4 million to develop Iran’s Azadegan oilfield in September 2011 (Steel Guru, September 4, 2011). The current status of the project is not clear.

U.S. Business Ties: According to USASpending.gov, PetroChina has not entered into any contracts with the U.S. government during the past 10 years (USASpending.gov, accessed August 6, 2014)

According to Dow Jones Newswires, PetroChina and its parent company, China National Petroleum Corporation (CNPC) "have structured their overseas operations to ensure that activities in potentially controversial countries like Sudan, Iran and Syria are held by the parent, and are separate from those of PetroChina, which in addition to being quoted in Hong Kong and Shanghai has American Depository Receipts traded in New York." (Dow Jones Newswires, May 20, 2010)

Last Updated: August 6, 2014