With a push for Iran to open up about its nuclear weapons, Shell Oil may find itself in trouble for showing interest in supplying oil to Iran. Congressmen Brad Sherman and Dan Burton sent a letter to Shell's CFO warning him that Congress could impose sanctions on the company for doing business with Iran. ZambiaNews.net posts the full article here.
"As you may know, a large bi-partisan group of U.S. legislators recently introduced a bill that would authorize the President of the United States to impose sanctions on any company providing Iran with refined petroleum resources," Sherman and Burton said in their letter to the Shell CFO.
"We have been told that Royal Dutch Shell, through its subsidiary, Shell International Trading Middle East, provides gasoline to Iran."
"This activity," said the congressmen, "places all of Royal Dutch Shell at risk of sanctions. These sanctions could include a complete freeze on company assets in the United States, the loss of access to U.S. capital markets, a prohibition on carrying out transactions in U.S. dollars, and a ban on receiving government contracts, including oil and gas leases."
"In general, Royal Dutch Shell could potentially be barred from carrying out any activity in the United States," said Sherman and Burton.
"We have been told that Royal Dutch Shell, through its subsidiary, Shell International Trading Middle East, provides gasoline to Iran."
"This activity," said the congressmen, "places all of Royal Dutch Shell at risk of sanctions. These sanctions could include a complete freeze on company assets in the United States, the loss of access to U.S. capital markets, a prohibition on carrying out transactions in U.S. dollars, and a ban on receiving government contracts, including oil and gas leases."
"In general, Royal Dutch Shell could potentially be barred from carrying out any activity in the United States," said Sherman and Burton.
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