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. Like Iraq and Sudan, Iran is on the State Department's terrorist-sponsor list. 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.
In 1997, lawmakers blasted a U.S. bond offering by Russia's Gazprom, which was involved in developing an Iranian off-shore gas field. Gazprom eventually pulled its offering. SEC spokesman John Heine would not comment on Wolf's letter or CNPC's proposed listing. Wolf had earlier written to NYSE Chairman Richard Grasso asking him to delay the company's listing. The SEC said the company hasn't filed yet.