Zhuhai Zhenrong Company (China)
Date: 2004 – Ongoing
Deal: In March 2004, state-owned Zhuhai Zhenrong signed a $20 billion “to buy more than 110 mm tons of LNG from Iran over 25 years,” according to an industry publication (OilandGas.com, March 18, 2004).
Date: 2010 - 2011
Deal: According to the United States Government Accountability Office, Zhuhai Zhenrong Company “sold gasoline to Iran in 2010 and 2011.” Zhuhai Zhenrong is the largest supplier of refined petroleum products to Iran, and brokered the delivery of over $500 million in gasoline to Iran between July 2010 and January 2011 (United States Government Accountability Office, January 24, 2012).
Deal: According to Reuters, Zhuhai Zhenrong Company will “maintain its crude oil imports with Tehran at a steady volume for 2013, unfazed by tightening Western sanctions.” In the agreement, Zhuhai Zhenrong Company agreed to import around 230,000 bpd of Iranian crude in 2013, a level consistent with its orders in the past decade (Reuters, December 21, 2012).
Reuters reported that Zhuhai Zhenrong was also interested in importing condensate from the South Pars gas project beginning in 2013. Condensate is a super light crude oil ideal for making petrochemicals (Reuters, December 21, 2012).
Ties to U.S. Business: According to USASpending.gov, Zhuhai Zhenrong Company has not received any U.S. government contracts (USASpending.gov, accessed August 20, 2014).
On January 12, 2012, the U.S. Department of State imposed sanctions on Zhuhai Zhenrong Company under the Iran Sanctions Act, for conducting business with Iran’s energy sector (U.S. Department of State, January 12, 2012).
Last Updated: August 20, 2014