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ChinaOil

ChinaOil

Industry: 
Energy
Symbol: 
NYSE:PTR
Country: 
China
Sources: 

ChinaOil "is jointly owned by China National Petroleum Corporation (CNPC) and Sinochem Corporation. Managed and operated by CNPC, its activities cover all the regions in the world. Chinaoil is licensed to import and export crude oil and refined products, and licensed to conduct futures contract transactions of crude oil and refined products both domestically and internationally. It is also the entity designated by CNPC to source crude oil and market refined products overseas for refineries under CNPC, and procure refined products from international market to meet domestic demand." (Company website)

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"Open sources reported that ChinaOil sold gasoline to Iran in 2010." (U.S. Government Accountability Office, Report: "Firms Reported in Open Sources to Have Sold Iran Refined Petroleum Products between January 1, 2009 and June 30, 2010," 9/3/10)

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"But while others back out, Chinaoil has sold a total of about 600,000 barrels worth around $55 million to the Islamic Republic. The cargoes were Chinaoil's first direct sales to Iran since at least January 2009, according to Reuters data. Chinese firms have previously sold through intermediaries, traders said. 'Prior to this there was some third-party trades going on, but this was a direct sell,' a trader said. Chinaoil is the trading unit for China's top energy group China National Petroleum Corp (CNPC), which is the parent of U.S. and Hong Kong-listed PetroChina (0857.HK) (PTR.N). A CNPC spokesman was unable to comment on the sales." (Reuters, "Exclusive: China's top oil firms sell gasoline to Iran-trade," 4/14/10)

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