Wednesday, December 05, 2012

US Ambassador to UN has 'Iran investments'

Susan Rice's investment portfolio reveals investments with firms who openly deal with the Iranian energy sector


Rice28n-4-web

Susan Rice, the United States' Ambassador to the United Nations, has declared investments of hundreds of thousands of dollars in several energy companies known for doing business with Iran, the Washington Free Beacon has reported.
Financial disclosure forms show that Rice's portfolio contains thousands of dollars invested in at least three companies cited by lawmakers on Capitol Hill for doing business in Iran’s oil and gas sector.


Rice has recently been under fire for her role in regurgitating erroneous information about the September 11, 2012, attacks in Benghazi, Libya, that killed four Americans including America's ambassdor Christopher Stevens. This latest revelation is likely to cause more embarrasment for the Obama administration and problems for the President in considering Rice for the Secretary of State position.
Obama has recently robustly defended Rice, who has the highest net worth of executive branch members, with an estimate fortune of between $24 and $44 million dollars.

The investments may cause issues due to US sanctions on Iran and the responsibilities of the next secretary of state with regard to Iran and its nuclear enrichment program.
“That Susan Rice invested in companies doing business in Iran shows either the Obama administration’s lack of seriousness regarding Iran or Rice’s own immorality,” said Michael Rubin, a former Pentagon adviser on Iran and Iraq. “Either way, her actions undercut her ability to demand our allies unity on Iran.”
The Free Beacon reports:
The companies in question appear to have conducted business with Tehran well after Western governments began to urge divestment from the rogue nation, which has continued to enrich uranium near levels needed to build a nuclear bomb.

Financial disclosures reveal that Rice has had $50,001-$100,000 in Royal Dutch Shell, a longtime purchaser of Iranian crude oil.

Royal Dutch Shell currently owes Iran nearly $1 billion in back payments for crude oil that it purchased before Western economic sanctions crippled Tehran’s ability to process oil payments, Reuters reported.

“A debt of that size would equate to roughly four large tanker loads of Iranian crude or about 8 million barrels,” according to the report.

Rice has additional investments in Norsk Hydro ASA, a Norwegian aluminum firm, and BHP Billiton PLC, an Australian-based natural resources company, financial disclosure show.

Norway’s Norsk Hydro was awarded in 2006 a $107 million exploration and development contract for Iran’s Khorramabad oil block, according to the Wall Street Journal. Rice’s portfolio includes an investment of up to $15,000 in the company.

Norsk acknowledged at the time that it was working in Iran against the wishes of the U.S. government.

America is “not happy that we’re there,” Norsk Hydro spokeswoman Kama Holte Strand told the Journal at the time. Holte admitted that the company was working with Tehran because it is “profitable.”

Rice has up to $50,000 invested with another Iranian partner, BHP Billiton, which was probed by the Securities and Exchange Commission in 2010 for its dealings with Cuba and Iran, according to reports.

The company, which had leased office space in Tehran, admitted to making more than $360 million from the Iranians, according to The Australian.

BHP Billiton sought to build a natural gas pipeline between 2002 and 2005 in conjunction with the National Iranian Oil Company, according the report. The company’s subsidiaries additionally “sold alumina, coking coal, manganese, and copper to state-owned Iranian companies.”

In 2007, the US House of Representatives highlighted the above named companies and others that had previously conducted business with Iran.


No comments: