Formosa Petrochemical Corporation

"Formosa Petrochemical will not buy Iranian oil despite being able to benefit from a U.S. sanctions waiver, it said on Thursday, citing the lack of a payment mechanism. The Taiwanese refiner will replace part of the Iranian oil with Iraqi crude, Formosa spokesman KY Lin told Reuters." (11/29/2018).

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In 2018, CalPERs designated Formosa Petrochemical, as “Under Review” for potentially providing services for oil shipping terminals in Iran.  In 2019, CalPERS changed the designation to “being monitored” because CalPERS’ “initial screening has not identified the company as having involvement in the [activities] targeted by the [2019 California Public Divest from Iran] Act.

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In 2017 the U.S. states of South Carolina and Tennessee listed Formosa Petrochemical on its state list of companies doing business with Iran, rendering Formosa ineligible for investment and/or state contracting

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