Tuesday, May 24, 2011

U.S. penalizes Venezuelan oil company PDVSA for its link with Irn

United States today imposed sanctions on seven international companies that support Iran's energy sector, including state-owned Petroleos de Venezuela (PDVSA), according to the Department of State. Undersecretary James Steinberg reported that this measure will prevent PDVSA access to contracts with the U.S.

Government and to import and export financing. However, the penalty will not affect oil sales to U.S. business and activities of its subsidiaries. By imposing these sanctions, Secretary of State, Hillary Clinton, "wants to send a clear and strong message to companies around the world: those who continue their irresponsible support Iran's energy sector and helping Iran to evade sanctions U.S.

will suffer serious consequences, "the department said in a statement. According to the U.S. government, PDVSA sent to Iran at least two shipments between December 2010 and March 2011 in a mixture used to improve gasoline. The value of the sale was approximately $ 50 million. The State Department also announced additional sanctions on a number of companies from China, Syria, Iran and Belarus over nuclear proliferation activities involving both Iran and North Korea.

The new sanctions affecting business PCCI, Speedy Royal Oyster Group and the UAE Ship, Tanker Pacific Singapore, Israel Ofer Brothers Group and Associated Shipbroking of Monaco. "All these companies have participated in activities related to the supply of refined oil products to Iran," Steinberg reported, adding that the main objective is to encourage Tehran to participate in real negotiations with major powers over its nuclear program, which the West suspicion is used to manufacture atomic weapons.

"The intent of sanctions is to put pressure on Iran to comply with its international obligations," said Steinberg, who added that there was no clear evidence that the sanctions imposed on Tehran are affecting the oil and gas.

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