PetroChina

PetroChina is listed as a prohibited company in the March 2020 and March 2021 Report to the New Jersey Legislature Iran Divestment Act. 

--

On September 19, 2007, PetroChina was added to the Florida State Board of Administration List of Prohibited Investments (Scrutinized Companies) due to its involvement in Iran. As of March 9, 2021, PetroChina remains on the SBA list of prohibited investments. 

--

"PetroChina is linked to Iran through its parent, China National Petroleum Corp. (CNPC), which has interests in several Iranian oil and gas projects. Additionally, PetroChina is reportedly continuing work to develop the Azadegan Field in Iran. In 2009, CalSTRS designated PetroChina as “Divested and Restricted” and maintained that status in 2020."

--

In January 2021, the State of New Jersey Department of the Treasury listed PetroChina as a company engaged in prohibited activities in Iran pursuant to P.L. 2012, c. 25 ("Chapter 25"). 

--

On October 14, 2020, PetroChina remained on the Tennesse Department of General Services list of persons it determines engage in investment activities in Iran, as described in 12-12-105.

--

As of July 1, 2020, PetroChina is listed as an entity “determined, based on credible information available to the public, to be engaged in prohibited activities in Iran pursuant to New Jersey P.L. 2012, c.25 (“Chapter 25”). 

--

As of June 8, 2020, PetroChina is listed on the Pennsylvania Department of General Services Iran Free Procurement List. Entities included on this list are ineligible to enter into a contract with the Commonwealth of Pennsylvania for goods and services worth at least $1,000,000 per sections 3501-3506 of the Commonwealth Procurement Code, 62 Pa. C.S. §§ 3501-3506.  

--

In 2020, the U.S. state of Mississippi listed PetroChina on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting.

--

On June 1, 2020, the Ohio Police & Fire Pension Fund (“OP&F”) listed PetroChina on its scrutinized companies Iran/Sudan list.   

--

As of May 28, 2020, the Florida State Board of Administration (“SBA”) continues to list PetroChina on its list of “Scrutinized companies with Activities in the Iran Petroleum Energy Sector.

--

As of April 15, 2020, PetroChina is included as an entity determined to be non-responsive bidders/offerers pursuant to The New York State Iran Divestment Act of 2012.  

--

As of April 15, 2020, PetroChina is included on the Tennessee list of persons it determines engage in investment activities in Iran, as described in § 12-12-105. 

--

On January 20, 2020, Minnesota SBI listed PetroChina as a scrutinized investment. The managers are explicitly instructed to refrain from purchasing securities on this list. 

--

On January 13, 2020, the South Dakota Investment Council submitted a report to the Executive Board of the Legislative Research Council regarding compliance with SDCL 4-5-48 to 4-5-60, Iran Divestiture. Included in this report is an Iran Scrutinized Companies list of all prohibited investments for which the internal managers and direct external managers are instructed not to purchase any company on the list. PetroChina is included on this list.  

--

As of December 31, 2019, the Alaska Retirement Management Board lists PetroChina as a company doing material business with Iran.  

--

On January 31, 2019, Petrochina responded to the Minnesota State Board of Investment with the following: "PetroChina and its subsidiaries strictly comply with the relevant regulations of the United Nations and respect the principles of the U.S. and other western investors that prohibit investing
in companies operating in conflict-prone and sensitive regions. PetroChina and its subsidiaries do not have any assets or operations in sensitive and conflict-prone countries, including Iran, and does not communicate or have relationships with these countries and governments. Regarding the two companies mentioned in your letter, we would like to clarify that

1. Singapore Petroleum Company Limited does not have any business operations in Iran;
2. PetroChina no longer has a subsidiary called Jilin Chemical Industrial Company Limited, which was deregistered in 2007.

In the future, PetroChina and its subsidiaries will continue to handle our investments and business activities in a prudent and responsible manner, in compliance with related laws and regulations, and always take our shareholders’ rights into consideration." 

--

On May 15, 2019, the IPERS removed PetroChina from its Iran Prohibited Companies List (“the List”).   

--

In 2009, the California State Teachers’ Retirement System (“CalSTRS”), designated PetroChina as “Divested and restricted” for ties to Iran through its parent, China National Petroleum Corp. (CNPC), which has interests in several Iranian oil and gas projects. Additionally, PetroChina is reportedly continuing work to develop the Azadegan Field in Iran. CalSTRS maintained the Divested and restricted designation in 2019. 

--

According to its Annual Report filed with the SEC for fiscal year 2019: "To maintain efficient operations of our facilities and lower production costs, we have endeavored to achieve the most cost-efficient proportions of various types of crude oil in our refining process. We purchase a portion of our crude oil requirements from third-party international suppliers located in different countries and regions. In 2019, we purchased crude oil sourced from Iran and Russian companies which are subject to U.S. economic sanctions, and Sudan which is designated as a State Sponser of Terrorism by the U.S., for use in our refining operations. The revenue generated from our refineries from the crude oil sourced from the Russian companies Rosneft and Transneft, Iran and Sudan accounted for 3.2%, 0.08% and 0.1% of our total revenue in 2019. See “Item 3 — Key Information — Risk Factors — Risks Related to Outbound Investments and Trading.”"

--

According to its 2018 Annual Report filed with the SEC in 2019: "During the reporting period, our controlling shareholder, CNPC, held indirect interests in certain oil and gas development projects in Iran, namely, (i) the MIS oil fields in which CNPC obtained a 75% interest in 2005, (ii) the North Azadegan oilfield, in which CNPC obtained a 100% interest in 2009 and (iii) the South Pars gas field project, in which CNPC obtained a 100% interest in 2009. After temporarily ceasing participation in the South Pars gas field project in 2012, CNPC in July 2017 regained a 30% investment and operating interest in the project under a new Iran Petroleum Contract (the “IPC”), in which Total S.A. (“Total”) held a 50.01% interest. In November 2018, Total withdrew from the project, and CNPC took over its interest pursuant to the IPC. Operation with respect to the South Pars project is currently suspended. In 2018, the MIS oilfield and the North Azadgan oilfield were in production, and CNPC extracted oil in order to recover its investment as per the project agreements. After the U.S. reimposed the sanctions, CNPC has been providing minimum support and services to the two oilfields pursuant to the SRE issued to China. In 2018, CNPC transported back to China approximately 2.3 million tons of crude oil that it extracted from the two oilfields, of which approximately 1.1 million tons were resold to our company’s refineries. In 2018, crude oil that we processed from the foregoing source accounted for 0.7% of the total oil processed by our refineries and contributed 0.1% of our total revenue."

--

As of October 2019, PetroChina remains on the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996. 

--

As of August 27, 2019, Petrochina is listed on the Illinois Investment Policy Board list of Iran restricted companies.

--

Petrochina is listed on the June 4, 2019 and July 12, 2019 Florida State Board of Administration list of prohibited investments (Scrutinized companies) for Iran related business.

--

On June 30, 2019, New Jersey listed Petrochina on its state list of entities determined, based on credible information, to be engaged in prohibited activities in Iran.