Susan Rice’s Enrichment Program
U.N. ambassador has investments in companies doing business with Iran, disclosure forms show
AP
The portfolio of embattled United Nations Ambassador Susan Rice
includes investments of hundreds of thousands of dollars in several
energy companies known for doing business with Iran, according to financial disclosure forms.
Rice, a possible nominee to replace Secretary of State Hillary
Clinton when she steps down, has come under criticism for promulgating
erroneous information about the September 11, 2012, attacks in Benghazi,
Libya, that killed four Americans.
Rice has the highest net worth of executive branch members, with a fortune estimated between $24 to $44 million, according to the Center for Responsive Politics. A Free Beacon analysis of Rice’s portfolio shows thousands of dollars invested in at least three separate companies cited by lawmakers on Capitol Hill for doing business in Iran’s oil and gas sector.
The revelation of these investments could pose a problem for Rice if she is tapped by President Barack Obama to replace Clinton. Among the responsibilities of the next secretary of state will be a showdown with Iran over its nuclear enrichment program.
“That Susan Rice invested in companies doing business in Iran shows either the Obama administration’s lack of seriousness regarding Iran or Rice’s own immorality,” said Michael Rubin, a former Pentagon adviser on Iran and Iraq. “Either way, her actions undercut her ability to demand our allies unity on Iran.”
The companies in question appear to have conducted business with Tehran well after Western governments began to urge divestment from the rogue nation, which has continued to enrich uranium near levels needed to build a nuclear bomb.
Financial disclosures reveal that Rice has had $50,001-$100,000 in Royal Dutch Shell, a longtime purchaser of Iranian crude oil.
Royal Dutch Shell currently owes Iran nearly $1 billion in back payments for crude oil that it purchased before Western economic sanctions crippled Tehran’s ability to process oil payments, Reuters reported.
“A debt of that size would equate to roughly four large tanker loads of Iranian crude or about 8 million barrels,” according to the report.
Rice has additional investments in Norsk Hydro ASA, a Norwegian aluminum firm, and BHP Billiton PLC, an Australian-based natural resources company, financial disclosure show.
Norway’s Norsk Hydro was awarded in 2006 a $107 million exploration and development contract for Iran’s Khorramabad oil block, according to the Wall Street Journal. Rice’s portfolio includes an investment of up to $15,000 in the company.
Norsk acknowledged at the time that it was working in Iran against the wishes of the U.S. government.
America is “not happy that we’re there,” Norsk Hydro spokeswoman Kama Holte Strand told the Journal at the time. Holte admitted that the company was working with Tehran because it is “profitable.”
Rice has up to $50,000 invested with another Iranian partner, BHP Billiton, which was probed by the Securities and Exchange Commission in 2010 for its dealings with Cuba and Iran, according to reports.
The company, which had leased office space in Tehran, admitted to making more than $360 million from the Iranians, according to The Australian.
BHP Billiton sought to build a natural gas pipeline between 2002 and 2005 in conjunction with the National Iranian Oil Company, according the report. The company’s subsidiaries additionally “sold alumina, coking coal, manganese, and copper to state-owned Iranian companies.”
The House of Representatives passed a bill in 2007 that took aim at these companies and other that had done business with Iran. The bill enabled state and local governments to divest from these companies due to their dealings with Iran.
Rice has the highest net worth of executive branch members, with a fortune estimated between $24 to $44 million, according to the Center for Responsive Politics. A Free Beacon analysis of Rice’s portfolio shows thousands of dollars invested in at least three separate companies cited by lawmakers on Capitol Hill for doing business in Iran’s oil and gas sector.
The revelation of these investments could pose a problem for Rice if she is tapped by President Barack Obama to replace Clinton. Among the responsibilities of the next secretary of state will be a showdown with Iran over its nuclear enrichment program.
“That Susan Rice invested in companies doing business in Iran shows either the Obama administration’s lack of seriousness regarding Iran or Rice’s own immorality,” said Michael Rubin, a former Pentagon adviser on Iran and Iraq. “Either way, her actions undercut her ability to demand our allies unity on Iran.”
The companies in question appear to have conducted business with Tehran well after Western governments began to urge divestment from the rogue nation, which has continued to enrich uranium near levels needed to build a nuclear bomb.
Financial disclosures reveal that Rice has had $50,001-$100,000 in Royal Dutch Shell, a longtime purchaser of Iranian crude oil.
Royal Dutch Shell currently owes Iran nearly $1 billion in back payments for crude oil that it purchased before Western economic sanctions crippled Tehran’s ability to process oil payments, Reuters reported.
“A debt of that size would equate to roughly four large tanker loads of Iranian crude or about 8 million barrels,” according to the report.
Rice has additional investments in Norsk Hydro ASA, a Norwegian aluminum firm, and BHP Billiton PLC, an Australian-based natural resources company, financial disclosure show.
Norway’s Norsk Hydro was awarded in 2006 a $107 million exploration and development contract for Iran’s Khorramabad oil block, according to the Wall Street Journal. Rice’s portfolio includes an investment of up to $15,000 in the company.
Norsk acknowledged at the time that it was working in Iran against the wishes of the U.S. government.
America is “not happy that we’re there,” Norsk Hydro spokeswoman Kama Holte Strand told the Journal at the time. Holte admitted that the company was working with Tehran because it is “profitable.”
Rice has up to $50,000 invested with another Iranian partner, BHP Billiton, which was probed by the Securities and Exchange Commission in 2010 for its dealings with Cuba and Iran, according to reports.
The company, which had leased office space in Tehran, admitted to making more than $360 million from the Iranians, according to The Australian.
BHP Billiton sought to build a natural gas pipeline between 2002 and 2005 in conjunction with the National Iranian Oil Company, according the report. The company’s subsidiaries additionally “sold alumina, coking coal, manganese, and copper to state-owned Iranian companies.”
The House of Representatives passed a bill in 2007 that took aim at these companies and other that had done business with Iran. The bill enabled state and local governments to divest from these companies due to their dealings with Iran.
Then-senator Obama proposed and supported a similar bill at the time.
It is unclear how White House press secretary Jay Carney will respond to the latest revelations about Rice. Previous questions from the media about Rice’s investment in the company building the controversial Keystone XL pipeline were dismissed by Carney as information from “Republican opposition researchers.”
It is unclear how White House press secretary Jay Carney will respond to the latest revelations about Rice. Previous questions from the media about Rice’s investment in the company building the controversial Keystone XL pipeline were dismissed by Carney as information from “Republican opposition researchers.”
Susan E. Rice (US Ambassador to the United Nations)
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Congress
Four sources said the oil major owes a large sum to the National Iranian Oil Co (NIOC) for deliveries of crude, with one putting the figure at close to $1 billion. A debt of that size would equate to roughly four large tanker loads of Iranian crude or about 8 million barrels.
"Shell is working hard to figure out a way to pay NIOC," said an industry source, who requested anonymity. "It's very sensitive and very difficult. They want to stay on good terms with Iran, while abiding by sanctions."
A Shell spokesman declined to comment.
The European Union toughened financial sanctions and placed a ban on Iranian oil imports on January 23, but gave companies until July 1 to wind down their existing business.
With daily contract volumes of 100,000 barrels, Shell ranked as Iran's second biggest corporate client - along with France's Total - behind Turkey's Tupras.
Shell CEO Peter Voser said on March 7 the company would take its final deliveries of Iranian crude "within a matter of weeks".
Rigorous U.S. and European financial measures, aimed at punishing Iran for its nuclear program have already come into force, making it increasingly difficult to pay for and ship crude from Iran, say oil executives.
"There are big frustrations with the payment route - the U.S. pressure is really working," said a senior oil source. "It's now nearly impossible to use the banking system."
Such financial restrictions were in part behind Total's decision to stop purchasing Iranian crude at the end of last year, industry sources say. Total also bought about 100,000 barrels per day from Tehran.
Industry sources say some of Iran's big customers may have been using the Dubai-based Noor Islamic Bank to channel payments to Iran. It is not known whether Shell was processing payments via Noor Islamic Bank.
Diplomats say the bank bowed to pressure from Washington and cut ties with Iranian banks in the United Arab Emirates at the end of last year.
Given the outstanding amount owed in the face of sanctions, senior oil executives say the only way forward is for Shell to ask the British government to help settle the account with Iran.
An approach was made by Shell, sources say, but the company was rebuffed.
A small portion of the Shell debt could be written off through an outstanding payment NIOC owes the company for development of the offshore Soroush/Nowrooz oilfields, say industry sources.
Shell and European rivals such as Total and Italy's Eni have built longstanding relationships with Iran, OPEC's second largest exporter, through their work at the country's oilfields and years of crude oil purchases.
But while they are loath to burn bridges with Tehran, they also cannot afford to put business in the United States and elsewhere in the West at risk.
(Reporting by Peg Mackey; Editing by Giles Elgood)
It had also paid about $US2.3m to state-owned Cuban nickel and mining research companies for projects in Cuba and Guatemala from 2006-2008, the company said.
Many states and municipalities in the US have passed laws in recent years prohibiting the investment of public funds in corporations doing business with countries on the US government's state sponsors of terrorism list.
Massachusetts last Wednesday passed an Act forcing the state's pension fund to divest its holdings in companies that invested in Iran's oil industry.
The Securities and Exchange Commission (SEC) occasionally looks into
companies doing business in countries on the list to ensure that US
investors are fully informed of the risk involved.
However, the three-month inquiry ended on June 15 without further action.
"The SEC inquiry was routine and has now been closed," a BHP spokeswoman said.
BHP said that less than 1 per cent of its shares were held directly by US state and municipal pension funds and universities, and 82 per cent were held outside the US
Australia and Britain, where BHP has its main listings, have full diplomatic relations with Tehran and Havana, and the company leased office space in Tehran from Australia's government trade body Austrade while investigating constructing a natural gas pipeline with the National Iranian Oil Company between 2002 and 2005.
Soundings with investors did "not indicate that dealings with Iran or Cuba are a significant concern", the company said.
The correspondence listed several activities BHP had carried out in the countries. Alongside the pipeline project, BHP subsidiaries had sold alumina, coking coal, manganese, and copper to state-owned Iranian companies including Esfahan Steel, Mobarakeh Steel, Iranian Aluminium, and National Iranian Copper Industries.
It had also purchased four cargoes of Iranian iron ore through Dubai-based traders during 2007 and 2008, earning a profit of $US210,000.
BY:
White House press secretary Jay Carney dodged questions about Ambassador Susan Rice and her husband’s investment in Canadian oil companies–including up to $600,000 in the company behind the Keystone XL pipeline, TransCanada–in a Thursday press briefing, oddly turning to the Benghazi issue in his response.
“I would commend Republican opposition researchers for the intellectual bandwidth that is required to read a financial disclosure form,” Carney said of the issue, “because this was all documented in a financial disclosure form.”
OnEarth, an environmental publication, first highlighted Rice’s investments Wednesday.
The Washington Post reported on the investments Thursday, posing the question of whether Rice, potentially as Secretary of State, might have to recuse herself from decisions on Keystone.
Carney went on to read from an article on Rice’s role in the administration’s response to the Benghazi attack, calling her appearance on Sunday shows a “non-event.”
“You didn’t answer the question,” CBS News White House correspondent Major Garrett interjected. ”The question wasn’t about Benghazi at all. The question was about the conflict, and if you don’t think it’s a conflict, explain to us why it isn’t. What does that have to do with Benghazi at all?”
Exclusive: Shell scrambles to pay huge bill for Iran oil
LONDON |
(Reuters) - Royal Dutch Shell is struggling to pay off $1 billion that it owes Iran
for crude oil because European Union and U.S. financial sanctions now
make it almost impossible to process payments, industry sources said.Four sources said the oil major owes a large sum to the National Iranian Oil Co (NIOC) for deliveries of crude, with one putting the figure at close to $1 billion. A debt of that size would equate to roughly four large tanker loads of Iranian crude or about 8 million barrels.
"Shell is working hard to figure out a way to pay NIOC," said an industry source, who requested anonymity. "It's very sensitive and very difficult. They want to stay on good terms with Iran, while abiding by sanctions."
A Shell spokesman declined to comment.
The European Union toughened financial sanctions and placed a ban on Iranian oil imports on January 23, but gave companies until July 1 to wind down their existing business.
With daily contract volumes of 100,000 barrels, Shell ranked as Iran's second biggest corporate client - along with France's Total - behind Turkey's Tupras.
Shell CEO Peter Voser said on March 7 the company would take its final deliveries of Iranian crude "within a matter of weeks".
Rigorous U.S. and European financial measures, aimed at punishing Iran for its nuclear program have already come into force, making it increasingly difficult to pay for and ship crude from Iran, say oil executives.
"There are big frustrations with the payment route - the U.S. pressure is really working," said a senior oil source. "It's now nearly impossible to use the banking system."
Such financial restrictions were in part behind Total's decision to stop purchasing Iranian crude at the end of last year, industry sources say. Total also bought about 100,000 barrels per day from Tehran.
Industry sources say some of Iran's big customers may have been using the Dubai-based Noor Islamic Bank to channel payments to Iran. It is not known whether Shell was processing payments via Noor Islamic Bank.
Diplomats say the bank bowed to pressure from Washington and cut ties with Iranian banks in the United Arab Emirates at the end of last year.
Given the outstanding amount owed in the face of sanctions, senior oil executives say the only way forward is for Shell to ask the British government to help settle the account with Iran.
An approach was made by Shell, sources say, but the company was rebuffed.
A small portion of the Shell debt could be written off through an outstanding payment NIOC owes the company for development of the offshore Soroush/Nowrooz oilfields, say industry sources.
Shell and European rivals such as Total and Italy's Eni have built longstanding relationships with Iran, OPEC's second largest exporter, through their work at the country's oilfields and years of crude oil purchases.
But while they are loath to burn bridges with Tehran, they also cannot afford to put business in the United States and elsewhere in the West at risk.
(Reporting by Peg Mackey; Editing by Giles Elgood)
US probed BHP Billiton trade with Cuba and Iran
- From: The Australian
- August 10, 2010
THE US SEC looked into BHP Billiton's activities in Iran and Cuba
after Washington labelled the countries as state sponsors of terrorism.
According to documents filed with the regulator on June 15, the
world's largest miner said it had earned $US361 million ($392m) in
revenues from Iran in the four years to the end of June 2009 and
expected to make a further $US74m from the country in the most recent
financial year.It had also paid about $US2.3m to state-owned Cuban nickel and mining research companies for projects in Cuba and Guatemala from 2006-2008, the company said.
Many states and municipalities in the US have passed laws in recent years prohibiting the investment of public funds in corporations doing business with countries on the US government's state sponsors of terrorism list.
Massachusetts last Wednesday passed an Act forcing the state's pension fund to divest its holdings in companies that invested in Iran's oil industry.
However, the three-month inquiry ended on June 15 without further action.
"The SEC inquiry was routine and has now been closed," a BHP spokeswoman said.
BHP said that less than 1 per cent of its shares were held directly by US state and municipal pension funds and universities, and 82 per cent were held outside the US
Australia and Britain, where BHP has its main listings, have full diplomatic relations with Tehran and Havana, and the company leased office space in Tehran from Australia's government trade body Austrade while investigating constructing a natural gas pipeline with the National Iranian Oil Company between 2002 and 2005.
Soundings with investors did "not indicate that dealings with Iran or Cuba are a significant concern", the company said.
The correspondence listed several activities BHP had carried out in the countries. Alongside the pipeline project, BHP subsidiaries had sold alumina, coking coal, manganese, and copper to state-owned Iranian companies including Esfahan Steel, Mobarakeh Steel, Iranian Aluminium, and National Iranian Copper Industries.
It had also purchased four cargoes of Iranian iron ore through Dubai-based traders during 2007 and 2008, earning a profit of $US210,000.
Major Garrett Blows Up Carney for Dodging Rice Keystone Question
White House press secretary Jay Carney dodged questions about Ambassador Susan Rice and her husband’s investment in Canadian oil companies–including up to $600,000 in the company behind the Keystone XL pipeline, TransCanada–in a Thursday press briefing, oddly turning to the Benghazi issue in his response.
“I would commend Republican opposition researchers for the intellectual bandwidth that is required to read a financial disclosure form,” Carney said of the issue, “because this was all documented in a financial disclosure form.”
OnEarth, an environmental publication, first highlighted Rice’s investments Wednesday.
The Washington Post reported on the investments Thursday, posing the question of whether Rice, potentially as Secretary of State, might have to recuse herself from decisions on Keystone.
Carney went on to read from an article on Rice’s role in the administration’s response to the Benghazi attack, calling her appearance on Sunday shows a “non-event.”
“You didn’t answer the question,” CBS News White House correspondent Major Garrett interjected. ”The question wasn’t about Benghazi at all. The question was about the conflict, and if you don’t think it’s a conflict, explain to us why it isn’t. What does that have to do with Benghazi at all?”
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