US Congresional Panel To Investigate Contract Between CNOOC And Iran, Possible Sanctions

[hatrack]

Can't wait to hear about how important "free trade" is if they do impose sanctions . . . :eyes:

WASHINGTON (AFX) - A US congressional committee will review a gasfield development deal between China National Offshore Oil Corp (CNOOC) and Iran to determine if US sanctions are called for against the Chinese company, a US lawmaker said.

Congressman Tom Lantos, a California Democrat and chairman-elect of the House International Relations Committee, said that 'when the Congress convenes next week, the International Relations Committee will closely examine the reported 16-billion-dollar Memorandum of Understanding China's state-owned oil company signed with Iran to develop Iranian gas fields.'

'Specifically, we will examine whether this agreement activates United States law requiring sanctions against companies involved in Iranian energy development, as is potentially the case here,' Lantos said in a statement Friday.

'Congress recently extended and strengthened the Iran Sanctions Act, as part of legislation which I co-sponsored, and China needs to be warned of the serious penalties it may incur if it pursues implementation of this agreement,' he added.

EDIT

http://www.forbes.com/home/feeds/afx/2006/12/31/afx3290055.html

[Ian David]

1. What about Halliburton's contribution to Iran's oil and NUCLEAR programs? n/t

[hatrack]

2. Well, you see, that's DIFFERENT . . .

That's a subsidiary of an American corporation and thus a completely different set of circumstances . . . :eyes:

[Ian David]

3. Are we afraid to invade The Cayman Islands and face the mighty Bob Soto Navy?

http://www.caymanislands.co.uk/images/photos/350x350/body_photo!_bobsoto.jpg