19 May 2007 04:13


SW News
  • Title: [SW News] (Reuters) U.S. Treasury slaps sanctions on Sudan oil project
  • From:[]
  • Date :[Thu, 17 Feb 2000 10:16:20 ]

U.S. Treasury slaps sanctions on Sudan oil project

WASHINGTON (Reuters) - The Treasury Department announced on
Wednesday that U.S. economic sanctions were being imposed on
Sudan's state-owned oil enterprise Sudapet Ltd. and to a
joint-venture company.

The brief statement from Treasury did not specify why
sanctions were being imposed but it came amid widespread
international criticism of the Sudanese government over its
alleged use of oil revenues to fuel a civil war against rebel

The joint venture company named in the Treasury statement is
the Greater Nile Petroleum Operating Company (GNPOC) in which
Sudapet, the Sudanese government and three foreign oil companies
are participating.

The foreign partners are state owned China National Petroleum
Corp., Malaysia's state-owned oil company Petronas and Canada's
Talisman Energy Corp.. The Treasury statement said the joint
venture partners "have not been designated," but was unable to
specify whether that meant they were exempt from U.S. sanctions.

Treasury said "doing business with GNPOC or Sudapet, like
doing business with the Government of Sudan, carries criminal
penalties of up to $500,000 per violation for corporations and up
to $250,000 for individuals, as well as imprisonment of up to 10
years." It also said civil penalties could be applied by
Treasury's Office of Foreign Assets Control for any violators.

The issue of Sudan's use of oil revenues is currently a hot
political issue in Canada, where Canadian Foreign Minister Lloyd
Axworthy denied before Parliament on Tuesday that he was "soft"
on Sudan for declining to impose sanctions against either Sudan
or Talisman Energy.

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