Allowing the CNPC to raise capital in the U.S. . . . would make it easier for Americans to invest, perhaps unknowingly, in a company that is propping up a regime engaged in slavery, genocide, and terrorism,'' Wolf wrote. It's unclear how much output will take place while U.N. sanctions on Iraq stay in place. China has long opposed the U.N. sanctions. CNPC also has pursued oil deals with Iran, according to news reports. While American companies generally can't do business with terrorist nations, the law is unclear on whether foreign companies that do business with these regimes can raise money on U.S. capital markets.
Critics say that gives terrorists indirect access to American capital.
Gazprom eventually pulled its offering. Robinson wants more scrutiny at the SEC to ''at least give a heads-up to relevant congressional committees'' if an offering poses security risks. We've received the letter, and we'll respond to the congressman,'' said NYSE spokesman Ray Pellecchia. The SEC said the company hasn't filed yet. Another of China's state-owned oil companies, the China National Offshore Oil Corp., filed recently for a NYSE listing.