March 8, 2010 at 1:20 am #2747
- U.S. Enriches Companies Defying Its Policy on Iran
- A Times analysis shows that the U.S. has rewarded companies with more than $107 billion in contracts and other benefits while they were doing business with Iran, despite efforts to block investment there.
Read full article at http://www.nytimes.com/2010/03/07/world/middleeast/07sanctions.html to see full list of countries, foreign companies & US Companies doing business with Iran and still getting large US contracts.
March 8, 2010 at 1:21 am #5736
Here is article about hammer coming down on Companies doing business with Iran that have been rewarded with more $107 Billion in US contracts & benefits despite our efforts at Iran sanctions. But the hammer is on the way now that “Times” article has pointed it out – read full artilce at posted link.
As article mentioned more 19 US states (including New York, California, Florida) bar/forbid investing pension funds in companies that do business with Iran ……… perhaps the Feds should have taken a lesion from their playbook.
Here are few (read article & its links for full list) of companies from Oil sector getting major US contracts:
Brazil – Petrobras, Dutch – Shell, South Korea – Daelim.
And few of other companies doing minor business (usually oil service) with Iran:
Honeywell, Ingersoll Rand, Halliburton and Atlas.
The first efforts to penalize companies like Total Fina doing business with Iran in 1998 when the EU protested US enforcing its version law on Europe but as Times efforts points out we sure as heck shouldnt be rewarding those companies with US contracts for doing it!
We have lot major US Oil companies giving up business & profits to abide by US & Un santions – perhaps we should stop doing business with those that believe they can work both sides of the fence.
March 8, 2010 at 1:46 am #5735
<Shorter AP article on some details in case links dont work or are out of date by time you read this – CRandall>
Billions in US public money ‘spent in Iran’
Details emerge of billions awarded by the US to firms dealing with Tehran
By Guy Adams In Los Angeles Monday, 8 March 2010
The US taxpayer has given more than $107bn (71bn)during the past decade to companies which are also doing business with Iran, it was revealed yesterday. That sum includes at least $15bn (9.9bn) of US Government funds that were channelled to corporations which have defied international sanctions to help Iran develop its vast and strategically important oil and gas reserves.
News of the payments comes as Washington seeks to coax Russia and China into supporting tough new measures against Mahmoud Ahmadinejad’s regime as punishment for its nuclear programme.
Draft UN proposals, which are supported by the UK, would impose a full arms embargo and heighten restrictions against Iranian bankand businesses. Passing the proposed sanctions at the UN’s Security Council this month was already set to be an uphill struggle, even before yesterday’s New York Times revealed the extent of Washington’s investment in companies dealing with Iran.
The US Government’s ban on dealing with Iran does not cover their foreign subsidiaries. Neither does it prevent Washington from giving taxpayers’ money to overseas corporations which may also deal with Iran.
In fact, when it has suited, both George Bush’s and Barack Obama’s administrations have been happy to cut deals with firms that break both the spirit, and occasionally the letter of the sanctions laws against Iran.
A New York Times analysis of federal records and company reports reveals that 74 companies have done business with both the US Government and Iran since 2000. And despite heightened recent tensions, 49 of them continue to do business there with no announced plans to leave.
Two-thirds of the US taxpayer money handed out in that period went to firms dealing in Iran’s energy sector, a major source of revenuefor both the Ahmadinejad regime and its Islamic Revolutionary Guard Corps, which oversees the country’s nuclear and missile programmes.
Many US Government contracts, totalling at least $102bn (67bn), went to firms such as the South Korean energy giant Daelim Industrial, which in 2009 won a $111m (73m) deal to build housing at a US military base near Seoul, shortly after also winning a $700m (463m) contract to upgrade an Iranian oil refinery.
Royal Dutch Shell, one of seven firms that has challenged the Iran Sanctions Act, is another major beneficiary of those contracts. None of the 74 companies is accused of breaking any laws.
But their dealings highlight the difficulties in reconciling America’s commitment to oiling the wheels of global capitalism with its myriad diplomatic goals.
In 2004, controversy erupted over news that Halliburton, the Vice President Dick Cheney’s former company, had used a Cayman Islands subsidiary to sell oil-field services to Iran.
Charles E. Randall
Independent Carbon & Coke Consultant
PO Box 73061
Houston, TX 77273
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