BHP Billiton

In 2017 - In a complex disclosure related to a joint venture, BHP Billiton (an Australian company) disclosed the activity of its wholly owned affiliate BHP Great Britain Ltd. (BHP GB). BHP GB, together with British Petroleum (BP) and two other oil and gas companies, holds a percentage interest in the Bruce oil and gas platform that provides transportation and processing services to the Rhum gas field. BHP Billiton noted that the Rhum field is owned under an unincorporated joint arrangement between BP and the Iranian Oil Company Ltd., whose indirect owner—the National Iranian Oil Company—is owned by the Government of Iran. BHP also noted that the Bruce-Rhum agreement to which its affiliate is a party is an activity authorized pursuant to an OFAC-issued license.

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“The U.S. Securities and Exchange Commission looked into BHP Billiton Ltd.'s (BHP.AU) activities in Iran and Cuba due to Washington's labelling of the countries as state sponsors of terrorism, according to documents filed with the regulator. In a document filed June 15, the world's largest miner said that it had earned US$361 million in revenues from Iran in the four years to the end of June 2009 and expected to make a further US$74 million from the country in the most recent financial year.” (FOX Business, "BHP Billiton's Iran, Cuba Activities Subject of SEC Inquiry," Aug. 8, 2010)