United States securities regulators might take action against PetroChina after the energy giant admitted for the first time to doing business with its state-owned parent relating to countries under US sanctions such as Iran and Sudan, the South China Morning Post reported Friday. It is not known whether Washington will impose penalties on PetroChina that could include fines and imprisonment, the report said. PetroChina said on the New York Stock Exchange website last month that it processed crude oil imported from Iran and Sudan by China National United Oil Corp., a subsidiary of PetroChina’s parent, China National Petroleum Corp., in 2012. Iran is under tough sanctions to force it to halt its controversial nuclear program, the report said.
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