SEC Announces PetroChina Faces Risk of Sanctions over Ties to Iran

The United States Securities and Exchange Commission has warned that it may take action against PetroChina after the company confirmed it had been doing business with China National United Oil Corporation that involved countries under U.S. sanction such as Iran and Sudan.  Both PetroChina and China National United Oil Corporation are subsidiaries of China National Petroleum Corporation (CNPC).  This is the first time PetroChina has admitted doing business with Iran.