Word: petroleum
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Meanwhile, PetroChina may dramatically expand its holdings in Sudan as part of a multibillion-dollar restructuring deal with its parent company, China National Petroleum Corp (CNPC...
PetroChina is a spin-off of the China National Petroleum Company, which is involved in a more than $1 billion joint venture with the Sudanese government to boost that country’s oil production. Revenues from the venture are filling the coffers of the Sudanese regime, which the U.S. government says is guilty of genocide against its own people...
...Foreign investment capital in the oil sector is crucial to the regime’s ability to wage war with its own people,” Prendergast said. He added that the joint venture with China National Petroleum “has allowed Sudan to start repaying its debts, earn critical foreign exchange, and fund a massive weapons buying spree...
China National Petroleum garnered $2.9 billion in proceeds from the April 2000 initial public offering (IPO) of off-shoot PetroChina...
...There was no firewall,” Reeves said. He said that PetroChina’s investment banker, Goldman Sachs, filed disclosure papers with the SEC revealing that “a full 10 percent of the IPO proceeds went directly to China National Petroleum Company for use however, wherever they wanted...