CNPC (China National Petroleum Corporation)

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> On January 18, 2019, the District of Columbia Retirement Board included CNPC on its Iran Divestment Scrutinized Companies List. (https://dcrb.dc.gov/sites/default/files/dc/sites/dcrb/publication/attachments/Iran%20Divestment%20Scrutinized%20Companies%20List-%20January%2018%202019.pdf)

In 2018 and 2019 Tennessee used the New York list of “Entities determined to be non-responsive bidders/offerers pursuant to the New York State Iran Divestment Act of 2012.” CNPC was included on this list in 2018. Tennessee states "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list." (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/other/List_of_persons_pursuant_to_Tenn._Code_Ann._12-12-106_Iran_Divestment_Act_updated_with%20NY09.26.18.docx) (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/other/List_of_persons_pursuant_to_Tenn._Code_Ann._12-12-106_Iran_Divestment_Act_updated_with%20NY09.20.19.pdf)

CNPC is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list. (http://treasury.dor.alaska.gov/Portals/3/docs/resolutions/ARMB%20Iran%20Divestment%20List%203-31-19.pdf)

"Iran signs deal with France's Total and China's CNPC to develop its South Par gas field." (July 3, 2017). (https://www.cnbc.com/2017/07/03/iran-to-sign-new-ipc-gas-deal-with-total-for-south-pars.html)

In 2016 and 2017 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. CNPC was included on this list in 2016 and 2017. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."   (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/cpo-library/public-information-library/List%20of%20persons%20pursuant%20to%20Tenn.%20Code%20Ann.%2012-12-106%20Iran%20Divestment%20Act.pdf) (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/cpo-library/public-information-library/List_of_persons_pursuant_to_Tenn._Code_Ann._12-12-106_Iran_Divestment_Act_updated_7.7.17.pdf)

"China's biggest oil company is pressing ahead with oil-and-gas projects in Iran valued at billions of dollars, its top executive said, highlighting Beijing's strong economic ties to Tehran even as China has signed onto a U.S.-led sanctions effort against Iran. The longstanding initiatives by China National Petroleum Corp., running in tandem with a $60 billion global investment plan over the next decade, wouldn't violate the United Nations Security Council draft resolution devised by the U.S. to punish Iran for its nuclear program. China, along with Russia, agreed to that draft after concessions from Washington that protect energy and financial ties to Iran.

In January 2021, the State of New Jersey Department of the Treasury listed CNPC as a company engaged in prohibited activities in Iran pursuant to P.L. 2012, c. 25 ("Chapter 25").  (https://www.nj.gov/treasury/purchase/pdf/Chapter25List.pdf)

"Iranian energy companies could develop phase 11 of the giant South Pars gas field, a senior Iranian official said on Thursday, if a Chinese contractor does not meet Iran's ultimatum to move ahead with the project in the next 30 days. State-owned China National Petroleum Corporation (CNPC) was given a month's deadline by Iranian Oil minister Rostam Ghasemi last week to make a serious start on the project after 32 months of delay."  (Reuters, "Iran firms set for South Pars if China fails-ISNA," 4/26/12) (http://af.reuters.com/article/energyOilNews/idAFL6E8FQ8T820120426?sp=true)

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On December 11, 2012, CNPC 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, CNPC remains on the SBA list of prohibited investments.  (https://www.sbafla.com/fsb/Portals/FSB/Content/Performance/Quarterly/2021_03_09_Web_Update_PFIA_Prohibited_List.pdf?ver=2021-03-09-134849-587)

“China National Petroleum Corporation (CNPC) has left Iran's oil projects as an ultimatum over its continuous delays has expired. Iran issued an ultimatum to CNPC on Feb.18 over its continuous delays in developing the South Azadegan oilfield. At the time, Iranian Oil Minister Bijan Namdar Zanganeh said if this trend continues, CNPC will be expelled from the project. The presence of CNPC in Iran will depend on changing its behavior within the 90-day ultimatum which has been given, Zanganeh said. Tasnim news agency earlier reported that CNPC is on the verge of quitting Iran's South Azadegan oilfield development project. CNPC had been awarded with developing North Pars oilfield, Yadavaran joint oilfield, North and South Azadegan fields, and the phase 11 of the South Pars gas field. Due to its repeated delays, the company has been expelled from the South Pars and the North Pars projects, and they are on the verge of being expelled from the South Azadegan project. CNPC has been in charge of developing the field for seven years. However, only seven out of the projected 185 wells of the first phase of the oilfield have been drilled so far, the managing director of Iran's Petroleum Engineering and Development Company (PEDEC), Abdolreza Haji Hosseinnejad said in February. ‘The project is only seven percent complete,’ he noted. ‘CNPC was supposed to use 25 drilling rigs at the joint oilfield, but currently only five drilling rigs are active there,’ he added. The oilfield is projected to produce 320,000 barrels of oil per day. CNPC signed a memorandum of understanding with National Iranian Oil Co in 2009, promising to pay 90 percent of development costs for the South Azadegan oil field while taking ownership of a 70 percent stake. An Iranian official said the project needed investment of up to $2.5 billion, Reuters reported.” (Trend, “China National Petroleum Corporation leaves Iran’s oil projects,” 4/20/14) (http://en.trend.az/capital/energy/2265248.html)

“A U.S. Congress investigative arm has identified four companies that did business with Iran's energy sector over roughly the past year, despite global sanctions. Based on open-source information, the U.S. Government Accountability Office on Tuesday pinpointed two companies in China and another two in India dealing with Tehran's energy industry during a 13-month period ending in November. Any or all of the parties could come under new global pressure to cease their joint projects. Public documents suggest that the firm China National Petroleum holds a financial stake in developing an Iranian petroleum site, and that China Oilfield Services is pursuing a drilling project in the Persian Gulf nation, GAO analysts wrote.” (Global Security Newswire, “Iran's Business Partners Face New Sanctions Scrutiny,” 1/9/14) (http://www.nti.org/gsn/article/us-irans-business-partners-nuclear-talks/)

"But while others back out, Chinaoil has sold a total of about 600,000 barrels worth around $55 million to the Islamic Republic. The cargoes were Chinaoil's first direct sales to Iran since at least January 2009, according to Reuters data. Chinese firms have previously sold through intermediaries, traders said. 'Prior to this there was some third-party trades going on, but this was a direct sell,' a trader said. Chinaoil is the trading unit for China's top energy group China National Petroleum Corp (CNPC), which is the parent of U.S. and Hong Kong-listed PetroChina (0857.HK) (PTR.N). A CNPC spokesman was unable to comment on the sales." (Reuters, "Exclusive: China's top oil firms sell gasoline to Iran-trade," 4/14/10) (http://www.reuters.com/finance/stocks/overview?symbol=0857.HK) (http://www.reuters.com/finance/stocks/overview?symbol=PTR.N) (http://www.reuters.com/article/idUSTRE63D1CY20100414)

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> CNPC is listed on the December 31, 2018 CalSTRs Portfolio of companies identified as possibly having ties to Iran and from which CalSTRs has divested from and restricted in 2018. (https://www.calstrs.com/sites/main/files/file-attachments/calstrs_investment_reports_2018.pdf)

At its meeting on February 16, 2021, the Board of Trustees of Maryland State Retirement and Pension System determined that CNPC is not eligible for investment as a result of oil-related activity in Iran. (https://sra.maryland.gov/sites/main/files/file-attachments/legislative_report-_iran_sudan_4-1-21.pdf?1617283662)

"Iran is set to boost its crude oil capacity to 4 million b/d by March 2022, returning to levels not seen since before the US withdrew from the nuclear deal and re-imposed sanctions on the country's crude sales in 2018, the oil ministry's news service Shana reported Nov. 28. Natural gas is also part of the expansion, with one train in the phase 14 of South Pars offshore gas field set to go on stream within two months, he said. Phase 11 of the shared field with Qatar will become operational in the next Iranian year (2022-2023). A $160 billion investment is needed for the dual expansion -- with $90 billion for oil and $70 billion for gas -- and it will be provided through foreign and domestic funds, he said, adding that "we don't have any problem" raising the money after some funds have already been raised from private companies, he said. "We welcome foreign investment regardless of the sanctions and without any conditions," he said, adding that Iran has already started talks to develop oil and gas fields with foreign companies. For example, Iran is discussing further ventures with Chinese companies which had already been involved in development of Iran's southwest and oil fields shared with Iraq. The companies include Sinopec and CNPC, he said. China is Iran's largest oil customer and Khojastehmehr said Iran is seeking new buyers." (S&P Global, "Iran plans to boost oil output capacity to pre-sanctions levels by March 2022," 11/28/21)  (https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/112821-iran-plans-to-boost-oil-output-capacity-to-pre-sanctions-levels-by-march-2022)

"China National Petroleum Corp. has pulled out of a $5 billion natural-gas project in Iran as escalating tensions threaten to sever Beijing's trade with Tehran, a key lifeline for the Islamic Republic. The exit by Beijing-which had vowed to resist U.S. restrictions on Iran-is a blow to Tehran's attempts to fight growing economic isolation and comes after Washington brought new sanctions on Chinese companies still trading with Iran." (Wall Street Journal, 10/6/2019).  (https://www.wsj.com/articles/china-pulls-out-of-giant-iranian-gas-project-11570372087?utm_source=+China+Pulls+Out+Of+Giant+Iranian+Gas+Project&utm_campaign=eye-on-iran&utm_medium=email)

In 2017, the U.S. states of Alaska, Colorado, D.C., Florida, Georgia, Maryland, Mississippi,   New Jersey, New York, Illinois, South Carolina, South Dakota, Ohio, Tennessee, Rhode Island,  Texas, and Pennsylvania listed CNPC on its state list of Companies Doing Business with the Iranian  rendering CNPC ineligible for investment and/or state contracting. (http://treasury.dor.alaska.gov/Portals/3/docs/ARMB%20Iran%20Divestment%20List%2012-31-17.pdf) (https://www.copera.org/sites/default/files/documents/iranreport1-19-18.pdf) (https://dcrb.dc.gov/sites/default/files/dc/sites/dcrb/publication/attachments/Iran%20Divestment%20Scrutinized%20Companies%20List%20January%202016.pdf) (https://www.sbafla.com/fsb/Portals/FSB/Content/GlobalGovernanceMandates/QuarterlyReports/2017/Global_Governance_Mandates_and_Florida%20Statutes_2017_12_13.pdf?ver=2017-12-13-145507-737) (https://ost.georgia.gov/sites/ost.georgia.gov/files/related_files/document/20140814_IRAN_DIVESTMENTS_FINAL.pdf) (http://www.dfa.ms.gov/media/4100/companies-posted.pdf) (http://www.nj.gov/treasury/purchase/pdf/Chapter25List.pdf) (https://www.illinois.gov/sites/iipb/Pages/ProhibitedInvestmentList.aspx) (http://sdlegislature.gov/docs/referencematerials/requiredreports/RR901132017.pdf) (https://www.op-f.org/Files/Scrutinized%20Companies%20Iran%20Sudan.pdf) (http://data.treasury.ri.gov/dataset/scrutinzed-companies-list-iran/resource/6936d293-53b5-4223-8f6d-36777bf91c6d) (http://www.prb.state.tx.us/txpen/wp-content/uploads/2017/03/2017.03.01_Iran_List.pdf) (http://www.dgs.pa.gov/Documents/Procurement%20Forms/ProposedIranFreeProcurementList.pdf)

CNPC is listed on the January 2019 Entities prohibited from Contracting with Public Entities in California list. (http://treasury.dor.alaska.gov/Portals/3/docs/resolutions/ARMB%20Iran%20Divestment%20List%203-31-19.pdf) (https://www.dgs.ca.gov/-/media/Divisions/PD/PTCS/OPPL/Iran-Contracting-Act-List.ashx?la=en&hash=95E15BE0E8841A4AC8C2CD823C7D8EC0F1F58981)

As of August 27, 2019, CNPC is listed on the Illinois Investment Policy Board list of Iran restricted companies. (https://www2.illinois.gov/sites/iipb/Pages/ProhibitedInvestmentList.aspx)

Iran’s oil minister said Total will equip Phase 11 of the country’s South Pars gas field with a pressure booster station to regularly pomp 2 billion cubic feet of gas per day for nearly 20 years as part of a deal between Tehran and the French energy giant. Speaking to Tasnim on Monday, Bijan Namdar Zanganeh said, “Total will accept the responsibility to install a pressure booster station in Phase 11 to fix its output at 2 billion cubic feet per day for 15 to 20 years”. Earlier, Iran and Total signed an agreement over the development of South Pars Phase 11. The deal involves a consortium led by Total, which also includes the China National Petroleum Corporation (CNPC) and Iran's Petropars. (Tasnim News Agency, "Total to Install Pressure Booster Station at South Pars Phase 11: Iran's Oil Minister," 12/19/2016).  (https://www.tasnimnews.com/en/news/2016/12/19/1271601/total-to-install-pressure-booster-station-at-south-pars-phase-11-iran-s-oil-minister)

CNPC remains one of two foreign oil company still invested in developing Iran's South Pars gas field, a venture from which numerous other foreign oil giants including Royal Dutch Shell and Total have pulled out (Financial Times).  (http://www.ft.com/cms/s/0/3510c08e-9419-11df-a3fe-00144feab49a.html)

"China National Petroleum Corp (CNPC) replaced Total as the operator of the Phase 11 project at South Pars, taking over Total’s 50.1 percent stake. However, CNPC also suspended its investment in South Pars in 2018 in response to U.S. pressure." (Reuters, "Factbox: Iran hopeful for oil majors to return once sanctions lifted," 3/3/22). (https://www.reuters.com/business/energy/iran-hopeful-oil-majors-return-once-sanctions-lifted-2022-03-03/)

On June 30, 2019, New Jersey listed CNPC on its state list of entities determined, based on credible information, to be engaged in prohibited activities in Iran. (https://www.state.nj.us/treasury/purchase/pdf/Chapter25List.pdf)

On January 3, 2017, NIOC listed CNPC as one of the “designated 29 non-Iranian companies [ ] qualified to participate in its pending tender round for upstream projects.”  (Oil & Gas Journal Website, “NIOC qualifies 29 firms for tender round,” 1/3/2017).   Furthermore, on July 25, 2016, North Azadegan development Project Manager Keramat Behbahani referenced “talks with China’s National Petroleum Corporation over development of the second phase of the field asserting ‘negotiations are still underway as we are expecting to receive CNPC’s proposal for the project.’” (Mehr News, “NIOC, CNPC launch new oil talks,” 7/25/2016). Then in November 2016, it was reported a $6 billion deal with “Total SA, China National Petroleum Corp. and Iran’s state-owned Petropars would develop part of a significant gas field in the Persian Gulf known as South Pars.” (Wall Street Journal, “Iran to Sign $6 Billion Gas-Field Deal With Total, CNPC,” 11/7/2016). (http://www.ogj.com/articles/2017/01/nioc-qualifies-29-firms-for-tender-round.html) (http://en.mehrnews.com/news/118348/NIOC-CNPC-launch-new-oil-talks) (http://www.wsj.com/articles/iran-to-sign-6-billion-gas-field-deal-with-total-cnpc-1478525034)

"China's national petroleum company has pulled out of developing Phase 11 of Iran's offshore South Pars gas field, Iranian media reported on Sunday, blaming the firm for constant and "unprecedented" delays in the project. Tehran signed a $4.7 billion contract with China National Petroleum Corporation (CNPC) in 2009 to help develop Phase 11 of South Pars, replacing France's Total SA, which it had also accused of delays. Citing information from Iran's Oil Ministry, Mehr News Agency said CNPC had pulled out its workers from Asaluyeh, the city on the shore of the Mideast Gulf close to the South Pars gas field. The report said CNPC had delayed the project for more than 1,130 days and had not even begun preliminary steps such as leveling land and putting up fencing. Iran's National Iranian Oil Company warned CNPC last year that it would 'replace CNPC with domestic companies' if the Chinese corporation continued to delay the project." (Reuters, "China pulls out of South Pars project: report," 7/29/12) (http://www.reuters.com/article/2012/07/29/iranchina-southpars-idUSL6E8IT0T020120729)

As of May 28, 2020, the Florida State Board of Administration (“SBA”) continues to list CNPC on its list of “Scrutinized companies with Activities in the Iran Petroleum Energy Sector.”  (https://www.sbafla.com/fsb/Portals/FSB/Content/GlobalGovernanceMandates/QuarterlyReports/2020/Global_Governance_Mandates_and_Florida%20Statutes_2020_05_28.pdf?ver=2020-05-28-122524-540)

In 2020, the U.S. state of Mississippi listed CNPC 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. (https://www.dfa.ms.gov/media/sd1ccddh/businesses-doing-business-with-iran-12-4.docx)

"China Petrochemical Corp (Sinopec Group) and China National Petroleum Corp (CNPC), the country’s top state-owned refiners, are skipping Iranian oil purchases for loading in May after Washington ended sanction waivers to turn up pressure on Tehran, three people with knowledge of the matter said." (Reuters, 5/10/2019). (https://www.reuters.com/article/us-china-iran-oil/sinopec-cnpc-skip-iran-oil-purchases-for-may-to-avoid-us-sanctions-idUSKCN1SG0ER)

"Iran is taking steps to ramp up oil exports ahead of an end to U.S.-led sanctions, extending crude contracts with its top two Chinese buyers into 2016 and starting talks with other potential buyers there, sources involved in the talks said... Iranian oil officials have met in the last two months with traders at PetroChina, the country's second-largest state refiner... PetroChina's parent company CNPC started pumping oil at Iran's North Azadegan field around October with estimated flow of 75,000 bpd. An easing of sanctions could allow the company to start lifting its share of production, company sources said." (Reuters, "Iran renews oil contracts with China, taps new buyers," 12/3/15) (http://www.reuters.com/article/us-china-iran-oil-idUSKBN0TM0CN20151203)

BANK: Kunlun Bank, owned by China National Petroleum Corp (CNPC)

China National Petroleum Corporation (“CNPC”) and CNPC Research Institute of Economics & Technology participated at the CWC Iran LNG & Gas Partnerships Summit (the “Summit”) in Frankfurt, Germany on February 14-16, 2017. According to its official website, the Summit is “the must attend event to form partnerships and explore opportunities along the dynamic gas value chain that create value in Iran and ensures that LNG and gas projects will be a real catalyst for economic development and capacity building for Iran’s population.” (Summit Website, “Home”). (http://www.iranlngandgas.com/)

CNPC 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. (https://www.sbafla.com/fsb/Portals/FSB/Content/Performance/Quarterly/2019_06_04_Web_Update_PFIA_Prohibited_List.pdf?ver=2019-06-04-162911-617) (https://www.sbafla.com/fsb/Portals/FSB/Content/Performance/Quarterly/2019_07_12_Web_Update_PFIA_Prohibited_List.pdf?ver=2019-07-12-114201-343)

"Iranian Oil Minister Bijan Namdar Zanganeh ordered the ministry officials to officially expel China National Petroleum Corporation (CNPC) from South Azadegan oilfield's development project. The oil minister had previously issued a 90 day ultimatum to the Chinese firm, Iran's IRNA News Agency reported on April 29. On Feb. 18, Iran issued an ultimatum to CNPC over its continuous delays in developing the South Azadegan oilfield. At the time, Zanganeh said, ‘If this trend continues, we will expel CNPC from the project.’ ‘The presence of CNPC in Iran will depend on changing its behavior within the 90-day ultimatum which has been given,' Zanganeh said. On April 19, Iran's Tasnim reported that CNPC is on the verge of quitting Iran's South Azadegan oilfield development project. CNPC had been awarded with developing North Pars oilfield, Yadavaran joint oilfield, North and South Azadegan fields, and the Phase 11 of the South Pars gas field. Due to its repeated delays, the company has been expelled from the South Pars and the North Pars projects, and they are on the verge of being expelled from the South Azadegan project. CNPC has been in charge of developing the field for seven years. However, only seven out of the projected 185 wells of the first phase of the oilfield have been drilled so far, the managing director of Iran's Petroleum Engineering and Development Company (PEDEC), Abdolreza Haji Hosseinnejad said in February. ‘The project is only 7 percent complete,’ he noted. ‘CNPC was supposed to use 25 drilling rigs at the joint oilfield, but currently only five drilling rigs are active there,’ he continued. The oilfield is projected to produce 320,000 barrels of oil per day. In 2009, CNPC signed a memorandum of understanding with National Iranian Oil Co, promising to pay 90 percent of development costs for the South Azadegan oil field while taking ownership of a 70 percent stake. An Iranian official said the project needed investment of up to $2.5 billion, Reuters reported.” (Trend “Iran officially expels CNPC from oil project,” 4/29/14) (http://en.trend.az/regions/iran/2268405.html)

China National Petroleum Corp. (CNPC), which has interests in several Iranian oil and gas projects. (https://www.calstrs.com/sites/main/files/file-attachments/calstrs_investment_reports_2018.pdf)

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> In January 2019 Colorado's PERA included CNPC on its Iran list. (https://www.copera.org/sites/default/files/documents/iranhttps://www.copera.org/sites/default/files/documents/iranreport1-19.pdfreport1-19.pdf)

As of March 31, 2020, CNPC is included on the Maryland list as a company doing business in Iran for oil related business activity. (https://sra.maryland.gov/sites/main/files/file-attachments/legislative_report-_iran_sudan_3-31-20.docx_.pdf?1590507877)

"Jinzhou, Tianjin and Huizhou are locations for refineries and commercial storage owned by Chinese state oil firms China Petrochemical Corp (Sinopec Group) and China National Petroleum Company (CNPC). Some of the country’s tanks holding Strategic Petroleum Reserves (SPR) - kept by many countries as stockpiles for emergency situations - are also located in these cities. Asked if it was among buyers of Iranian oil, Sinopec declined comment. CNPC did not respond to a request for comment. In a report dated July 29, London-based energy data firm Kpler said inventories at the Jinzhou underground SPR rose to 6 million barrels from 3.2 million in mid-June “as a result of Iranian crude flows...The increase is fully the result of Iranian barrels discharged into the facility." (Reuters, "China continued Iran oil imports in July in teeth of U.S. sanctions - analysts," 8/8/2019). (https://uk.reuters.com/article/uk-china-iran-oil/china-continued-iran-oil-imports-in-july-in-teeth-of-us-sanctions-analysts-idUKKCN1UY1QW?utm_source=U.S.+Sanctions+Turn+Iran%27s+Oil+Industry+Into+Spy+Vs.+Spy&utm_campaign=eye-on-iran&utm_medium=email)

CNPC is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list. (http://treasury.dor.alaska.gov/Portals/3/docs/resolutions/ARMB%20Iran%20Divestment%20List%206-30-19.pdf)

“China National Petroleum Corp. will retain Iran’s North Azadegan oil-field project for the time being, a top Tehran official said Wednesday, after the company lost the neighboring South Azadegan contract last week. The disclosure is good news for Chinese oil companies generally, which have been losing ground in Iran’s oil sector in recent weeks over continuous setbacks. In an interview with the Wall Street Journal, Ali Majedi, Iran’s deputy oil minister for international affairs, said CNPC ‘is still working in North Azadegan’ despite some delays. Last week, Iran announced it was terminating CNPC’s South Azadegan contract over repeated delays. The onshore oil-field project borders North Azadegan near Iran’s Western border with Iraq.” (Wall Street Journal, “Iran Says China Keeping North Azadegan Oil Project,” 5/7/14) (http://blogs.wsj.com/frontiers/2014/05/07/iran-says-china-keeping-north-azadegan-oil-project/)

China National Petroleum is in various phases of developing three fields in Iran, including work on one of the world's biggest natural-gas fields, and on enhancing recovery from a small, older oil field. Mr. Jiang said he expected production from the older field to hit around 20,000 barrels a day later this year. "Regarding our projects that have been started, we will continue to do so," he said.

-- Last year’s foreign buying spree was not the first for the likes of China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and China Petrochemicals Corporation (Sinopec), but previously the Chinese firms had mostly purchased assets in Africa and Central Asia, which typically produce oil similar to China’s own crude...  All three of China’s biggest state-controlled oil companies have clinched deals with Tehran to develop some of Iran’s biggest oil and gasfields. Last year’s crop included agreements for CNPC to develop phase 11 of the massive South Pars gasfield to develop three oilfields. (The National, "China's global quest for oil," 1/9/10) -- "In June [2009], the official Iranian news agency IRNA said Tehran had signed a $4.7 billion contract with China National Petroleum Corporation (CNPC) to help develop phase 11 of South Pars, replacing Total which it had accused of delays." (Reuters, "Iran sees possible Total deal worth $7.5-8 bln," 10/12/09) -- INVESTMENT -- China's National Petroleum Corporation (CNPC) signed a $4.7 billion contract with a Chinese state firm in June to develop a phase of South Pars, replacing France's Total. * CNPC signed a memorandum of understanding for development of the South Azadegan field earlier this year. Under that deal, it would pay 90 percent of the costs of a $2.5 billion project. * CNPC is in talks with Iran for $3.6 billion deal to buy LNG from Phase 14 of South Pars project. CNPC is also in talks to explore and develop energy reserves in Iran's Caspian. * CNPC signed a deal with the NIOC in January to develop the north Azadegan oilfield. The deal is worth $2 billion in its first phase. Under the first phase lasting 48 months, the capacity would reach 75,000 barrels per day (bpd). The tenure of the project is 12 years. (Reuters, "FACTBOX: Iran's major oil customers, energy partners," 8/19/09) -- "But Greg Priddy, an oil analyst at the Eurasia Group consultancy, said Chinese companies did not have the same expertise as more established European operators. 'Iran was already looking to companies like Sinopec and CNPC, which are doing onshore work which is technologically much easier,' Mr Priddy said, but he added that those companies would not be able to do the more difficult offshore development needed for South Pars." (Financial Times, "Turmoil turns Iran's energy sector to Beijing," 7/11/09) -- "Iran and China on Wednesday signed a 1.76 billion dollar contract for the initial development of the North Azadegan oil field in western Iran,' an Iranian oil ministry official said. 'The agreement between China National Petroleum Corporation (CNPC) and the National Iranian Oil Company (NIOC) foresees production from the field reaching 75,000 barrels a day in four years time,' the official said. 'If that timetable is maintained, Iran may award CNPC the contract for the second phase, when production is scheduled to double.'" (Agence France Presse, "Iran and China sign oilfield development contract," 1/14/09) -- "State-owned China National Petroleum Corporation (CNPC) is negotiating the acquisition of a 25% stake in the Pars LNG liquefied natural gas (LNG) export project with the Iranian government. Under the terms of the deal French major Total would see its stake in Pars LNG reduced from 40% to 25%." (Middle East and Africa Oil and Gas Insights, "CNPC Looking At Pars LNG Deal," 10/1/08) -- "CNPC has been present in Iran since 2004 and is engaged in oil and gas operation and oilfield services in the country." "CNPC operates two oil and gas projects in Iran―MIS Oil Field and Block 3. CNPC currently has a 75% holding in the MIS project." "In 2007, we also signed strategic cooperation agreements with Iran." (Company website) (http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100109/BUSINESS/701099907/1005) (http://www.reuters.com/article/energySector/idUSDAH23363420091012) (http://www.reuters.com/article/idUSTRE57I24Z20090819) (http://www.ft.com/cms/s/0/8f967e36-6da5-11de-8b19-00144feabdc0.html) (http://www.energy-daily.com/reports/Iran_and_China_sign_oilfield_development_contract_999.html) (http://www.cnpc.com.cn/eng/cnpcworldwide/middleeast/Iran/)

CNPC is listed on the August 5, 2020 California Department of General Services, "Entities Prohibited from Contracting with Public Entities in California per the Iranian Contracting Act, 2010" list.  (https://www.dgs.ca.gov/-/media/Divisions/PD/PTCS/OPPL/Iran-Contracting-Act-List.pdf?la=en&hash=71776438AADF114D952082668B1D6A0AEED31C2B)

"In a filing to the U.S. Securities and Exchange Commission, Total said the South Pars 11 project would require investment of about $4 billion, with the French firm financing 50.1 percent with equity contributions and payments in non-U.S. currency. If finalised, Total would operate the project with a 50.1 percent stake, China's CNPC would own 30 percent through one of its subsidiaries and Iran's Petropars would have 19.9 percent." (Reuters, "France's Total Seeks Stake In $4 Billion Iranian Gas Field Project," 3/17/2017). (http://r20.rs6.net/tn.jsp?f=001QbrHaUfEettPbw0zIQZ9bgILrmrMKS-vGJoBugBkLVbYJWM6fGbfbsuPWTB9GCwPKciuME0Lt8N7TvVjC_UFqKswkQLHvxs-UkXo4k41wPLWuBnLg926vxrxUTdFZr-OgqP1pKlY7Q8BxX5M98p3JKIeOt9ZOCMlMy_7DNouSu3ijWOu9V4vrHEY-rKD3G6Pt7XltWRmfvb80UtGbDj-kNKbIn1uLlTh&c=fGBzdzB_KZ_5295Cb94mTjwL80GiDCETN0iMy1HnRn3GhEO-Yg1FPg==&ch=mQVhTD6qLtRy9fT4HKxB8ndzd-xh0j24AURqWsLHzWcp1s3Vw6rcvA==)

In 2013, 2014, 2015, 2016 and 2017 CNPC was listed on the Texas Pension Review Board List of Scrutinized Companies doing business in Iran pursuant to Chapter 807.054, Government Code.  (https://comptroller.texas.gov/purchasing/publications/divestment.php)

As of January 28, 2020, CNPC is included on the District of Columbia Retirement Board’s (“DCRB”) Iran Divestment Scrutinized Companies List. (https://dcrb.dc.gov/sites/default/files/dc/sites/dcrb/publication/attachments/Iran Divestment Scrutinized Companies List January 2020_0.pdf)

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. CNPC is included on this list. (https://sdlegislature.gov/docs/referencematerials/requiredreports/RR901152020.pdf)

"This has left China National Petroleum Corp. (CNPC) as the largest foreign oil company in the Middle Eastern country. CNPC, China’s largest oil and gas producer, has four projects in Iran, namely the Masjed-i-Suleiman oil project, the North and South Azadegan oil fields, and phase 11 of the South Pars offshore gas field. In August, Iranian media reported that CNPC was withdrawing from the South Pars project. Caixin has also learned that CNPC has reduced the number of Chinese personnel working on the other three projects since the beginning of the year. CNPC is maintaining investment for projects that it thinks will produce soon and slowing investment in the projects that will take longer to put into operation, a source who studies Chinese oil firms’ overseas investments said... CNPC’s president, Zhou Jiping, was part of the delegation. He met with Iran’s oil minister, Rostam Qassemi, and senior executives of state-owned National Iranian Oil Co. (NIOC) Iran agreed that the CNPC would withdraw from the South Pars project and Tehran would offer another oil or gas block as a swap, a source close to CNPC said. And some provisions in contracts signed by CNPC and NIOC would be revised by Iran. The main reasons CNPC backed out of the South Pars deal were contract clauses it felt were harsh and a schedule it felt it could not meet. CNPC feared losing big if it invested the full amount the contract called for... But CNPC was concerned that the slow approvals process of the Iranian government meant it could not meet deadlines. Another problem, from CNPC’s perspective, was that equipment for the offshore South Pars project needed to be bought from the United States or European countries. But sanctions meant that critical equipment, such as natural gas compressors, could not be shipped to Iran... CNPC was quick to take their place. In 2009, it got the rights to three projects in Iran, laying the foundation for it to become the largest foreign oil firm in the nation...  Despite these obstacles, Iran is still attractive to Chinese oil companies. CNPC can still turn a profit from its business in Iran, a source who once did business in Iran said. The return on investment for CNPC’s projects in the country would be about 14% based on CNPC’s estimation... A large and productive CNPC oil block in an area now spanning parts of Sudan and South Sudan had to be split in two due to the political upheaval there. CNPC said that facilities in the northern part were severely damaged in the conflict... When investing in Iran, CNPC also needed to consider broader regional implications. Part of this he said, was remembering that both Saudi Arabia and the United Arab Emirates were concerned about Iran’s nuclear ambitions. CNPC will not abandon Iran, a source at the company said, partly because CNPC’s annual output from its oil fields abroad was 50 million tons by the end of 2010 and it wanted to reach its target of 100 million tons by 2015. CNPC also considers Iraq central to its Middle East ambitions. It lists three oil fields in the country now free of U.S. military activity as key to its efforts in the region." (MarketWatch, "China’s CNPC performs balancing act in Iran," 9/26/2012) (http://www.marketwatch.com/story/chinas-cnpc-performs-balancing-act-in-iran-2012-09-26?pagenumber=2)

China National Petroleum's $60 billion international push is aimed at increasing its overseas oil production to four million barrels a day, from 284,000 now. The effort is being spearheaded by PetroChina, which is the world's second-most-valuable oil company after Exxon Mobil Corp. China National Petroleum has been selling assets to PetroChina that aren't already part of the listed unit, but it keeps assets in politically sensitive countries like Iran and Sudan out of PetroChina to avoid backlash from international shareholders.

"At least seven companies from China, India, South Korea and South Africa continued to have investments in Iran's oil and gas sectors in 2012 even as Tehran came under international scrutiny for its nuclear ambitions, a U.S. government watchdog said on Friday . . . The United States requires buyers of Iranian oil to make significant cuts to their oil purchases, or risk being cut off from the U.S. financial system. Most of the companies still involved in Iran's energy sector are from countries that on Friday received six-month waivers called 'exceptions' to the sanctions because they have reduced oil trade. Chinese activity included Sinopec's 51 percent stake in Iran's Yadavaran oil field, and China National Petroleum Corp's interest in a project to develop the Azadegan field, the GAO said." (Reuters, "Some foreign firms still active in Iran's energy sector: U.S. report," 12/7/12) (http://www.unitedagainstnucleariran.com/company/sinopec-corp) (http://www.reuters.com/article/2012/12/08/us-usa-iran-sanctions-gao-idUSBRE8B703E20121208)

COUNTRY: China

"State refiner Sinopec Corp and state-run oil trader Zhuhai Zhenrong Corp, the two biggest Chinese lifters of Iran's oil, are set to roll over annual supply agreements with National Iranian Oil Co (NIOC), with combined volumes of about 505,000 bpd, two sources with knowledge of the agreements said. Additionally, China National Petroleum Corp (CNPC) and Sinopec expect to lift more oil this year from two oilfields they operate under service contracts, the sources said." (Reuters, "China's Iran oil imports to hit on a new production: sources," 1/5/2017). (http://www.reuters.com/article/us-china-iran-oil-idUSKBN14P15W)

"China will build a pipeline to bring natural gas from Iran to Pakistan to help address Pakistan's acute energy shortage, under a deal to be signed during the Chinese president's visit to Islamabad this month, Pakistani officials said... The pipeline would amount to an early benefit for both Pakistan and Iran from the framework agreement reached earlier this month between Tehran and the U.S. and other world powers to prevent Iran from developing nuclear weapons. The U.S. had previously threatened Pakistan with sanctions if it went ahead with the project... Pakistan is negotiating with China Petroleum Pipeline Bureau, a subsidiary of Chinese energy giant China National Petroleum Corporation, to build 435 miles (700 kilometers) of pipeline from the western Pakistani port of Gwadar to Nawabshah in the southern province of Sindh, where it will connect to Pakistan's existing gas-distribution pipeline network." (Wall Street Journal, "China to Build Pipeline from Iran to Pakistan," 4/9/15) (http://www.wsj.com/articles/china-to-build-pipeline-from-iran-to-pakistan-1428515277)

The New York Stock Exchange lists PetroChina as a subsidary of CNPC

On October 14, 2020, CNOOC 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. (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/cpo-library/List_of_persons_pursuant_to_Tenn._Code_Ann._12-12-106_Iran_Divestment_Act_updated_with%20NY10.14.20.pdf)

As of December 2020, Rhode Island continues to list CNPC as an Iran scrutinized company for active involvement of at least $50 million in Iran's energy sector. (http://data.treasury.ri.gov/dataset/c56b9795-4c0b-4749-80a8-78418efc1492/resource/9d4e0eae-3bb0-4ed2-977a-db21ad57ea96/download/RhodeIslandIranContract2020.xlsx)

ESTIMATED AMOUNT: China struck an agreement with Iranian Parliament Speaker Ali Larijani in an early November meeting to start releasing the $22 billion oil payment blocked in an Iranian bank account in Beijing, the Fars News Agency reported. A source familiar with the situation told Reuters that the Iranian Central Bank and the National Iranian Oil Company (NIOC) each has two accounts at Kunlun, one yuan-denominated and one in euros.” (Reuters, "FACTBOX-Iran's oil fund stash in Asia,” 11/25/13) (http://www.reuters.com/article/2013/11/25/iran-oil-asia-idUSL4N0JA10S20131125)

On June 1, 2020, the Ohio Police & Fire Pension Fund (“OP&F”) listed CNPC on its scrutinized companies Iran/Sudan list. (https://www.op-f.org/Files/Scrutinized Companies Iran Sudan.pdf)

“Iran will offer foreign partners incentives to find and pump more crude and natural gas and will pay some fees in barrels as it seeks to boost income once international sanctions are lifted. New contracts Iran is developing will offer higher fees for riskier exploration and production projects, oil-ministry officials said at a conference in Tehran yesterday. Local and international executives attended a two-day meeting to discuss rules that would govern oil and gas production if Western curbs on Iranian energy exports are removed. The committee revising the Islamic republic’s contract model presented terms called the ‘Iran Petroleum Contract.’ ‘We’ve analyzed all the contracts in the market right now, all available beneficial models, and this is what we’ve come up with,’ Mehdi Hosseini, a government energy adviser who leads the ministry committee, said at the conference. ‘This is a good model, with flexibility.’ Russia’s OAO Gazprom (GAZP), China National Petroleum Corp. and Malaysia’s Petroliam Nasional Bhd., or Petronas, were among a dozen foreign firms the organizers said attended the conference. Western European companies were not present…International companies will act as the sole operator at oil and gas exploration blocks and will be responsible for the risks of those projects. NIOC may be a technical partner in the developments. The ventures will have 15 to 20 years to pump oil after seven to nine years of exploration under the new contracts, Hosseini said. Fees paid to international companies will be linked to the oil price and determined on a sliding scale, with riskier developments paying more, Hosseini said.” (Bloomberg, “Iran Plans Higher Fees for Riskier Oil Fields in New Accords,” 2/24/14) (http://www.unitedagainstnucleariran.com/company/gazprom) (http://www.unitedagainstnucleariran.com/company/petronas) (http://www.bloomberg.com/news/2014-02-23/iran-plans-higher-pay-for-riskier-oil-fields-with-new-contracts.html)

Still, the statement by Jiang Jiemin, president of state-owned China National Petroleum, on Thursday—just two days after the sanctions resolution was announced—illustrates the continued complexity of Beijing's relationship with Iran, one of the biggest suppliers of crude oil for China's fast-growing economy. 'We will implement our projects in Iran as usual, and we don't have plans to speed up,' Mr. Jiang told a news conference at the annual general meeting of PetroChina Co., China National Petroleum's Hong Kong- and New York-listed subsidiary...

As of December 31, 2019, the Alaska Retirement Management Board lists CNPC as a company doing material business with Iran. (https://treasury.dor.alaska.gov/Portals/3/docs/resolutions/ARMB Iran Divestment List 12-31-19.pdf)

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CNPC indicated in May 2018 that it will take over Total’s stake in the South Pars oil field (50.1 percent) if the French company withdraws. (Chen Aizhu, “China’s CNPC ready to take over Iran project if Total leaves: sources,” Reuters, May 11, 2018.) (https://www.reuters.com/article/us-iran-nuclear-cnpc-total/chinas-cnpc-ready-to-take-over-iran-project-if-total-leaves-sources-idUSKBN1IC0TE)

"Iran and a consortium of Chinese and French energy giants signed a multi-billion-dollar deal here on Monday to develop a major Iranian gas field in the Persian Gulf. The deal followed a Memorandum of Understanding (MOU) signed by the National Iranian Oil Company and a consortium involving China National Petroleum Corporation (CNPC), France's Total and Iran's Petropars in November 2016 to develop Iran's South Pars (SP11) gas field. At Monday's signing ceremony, Iran's Petroleum Minister Bijan Namdar Zanganeh, Total's CEO Patrick Pouyanne and Lv Gongxun, representatives of the CNPC were present. According to Zanganeh, the contract for development of the gas field is worth $4.8 billion. The contract will be carried out in two phases with a total period of 20 years." (November 1, 2016). (http://www.chinadaily.com.cn/business/2017-07/04/content_29985566.htm)

“Iran will receive $4.2 billion from its oil sales to be transferred in instalments if it fulfils its commitments in a landmark nuclear deal struck between world powers and Tehran in Geneva. Here is a look at where Iranian oil payments are held in the countries in Asia that are still importing crude from the OPEC producer:

CNPC is the Parent Company of China Oilfield Services Limited (http://www.cosl.com.cn/data/html/english/channel_1.html)

On March 13, 2019, the Mississippi Department of Finance & Administration identified CNPC as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran. (https://www.dfa.ms.gov/media/8124/businesses-doing-business-with-iran.pdf)