Bennet Makes Big Money from Chinese and Russian Human Rights Violators

Senator made as much as $165,000 in profits from Russian and Chinese companies with ties to Iran, Sudan, Venezuela

DENVER—Appointed U.S. Senator Michael Bennet made as much as $165,000 in profits from corporations with dreadful human rights records, including companies with ties to Iran and genocide in the Darfur region in Sudan.  The companies include Russia’s Gazprom, China National Offshore Oil Corporation (CNOOC), Huaneng Power International and PetroChina Company. 

“Sen. Bennet must explain why he profited from these human rights violators,” said John Swartout, Buck’s campaign manager.  “The fact that Bennet invested in companies with ties to tyrannical regimes and genocide, should be of great concern the people of Colorado.” 

Both Gazprom and CNOOC have ties to Iran, and could be in violation of the 2009 Iran Sanctions Act.  In 2008, before Bennet divested these stocks, Gazprom reached an agreement with Iran to develop the country’s gas fields and build refineries. 

Gazprom has also worked with the Russian government to cut off gas supplies to American allies in Eastern Europe. 

“Sen. Bennet was fine profiting on from these companies, until he considered it might hurt his political career,” added Swartout. 

China’s state owned company, China National Petroleum Company, parent to PetroChina, was blocked by Congress in 2005 from buying Unocal 76.  Congress blocked the deal because of the adverse risks it would have on the United States’ economy and national security.     

CNOCC was also criticized for its $1 billion investment to increase oil revenue in Sudan, money which is being used by the Sudanese government to fund genocide in the Darfur region.  Harvard University sold its shares in PetroChina in 2005, after it became clear that PetroChina was funding genocide in Sudan.

“Sen. Bennet is scheduled to attend the Walk for Sudan on Oct. 17,” added Swartout.  “Before he does, he needs to explain why he profited from companies that have contributed to genocide.  If Bennet wasn’t running for Senate, would he still have money in these companies that are helping our enemies?” 

BENNET’S WALL STREET INVESTMENTS SHOW PROFITS IN NOTORIOUS COMPANIES

BENNET ON IRAN SANCTIONS

Gazprom: Bennet Profited From Companies Questioned For Violating Iran Sanctions Act, Has Teamed-Up With Venezuela, And Shut Off Gas To Entire European Countries

In Washington, Michael Bennet Supported And Opposed Legislation That Would Limit U.S. Business In Iran’s Energy Development:

S.908: Iran Refined Petroleum Sanctions Act. Introduced 4/28/09. “To amend the Iran Sanctions Act of 1996 to enhance United States diplomatic efforts with respect to Iran by expanding economic sanctions against Iran.”

        Cosponsors: 77 including Sen. Michael F. Bennet (5/11/09)

S. Amdt. 634 To H.R. 1105: Omnibus Appropriations. Prohibits US contracts with companies doing business in Iran’s energy sector. (Vote 85, Rejected: 41-53-5, R 36-3, Bennet Voted Nay, senate.gov)

But Bennet Made Investment Profits Off Notorious Russian Oil & Gas Monopoly Gazprom Which Is In Question Of Violating The Iran Sanctions Act:

Gazprom (Russia) – Oil Exploration And Production, Natural Gas

· Bennet Made As Much As $15,000 On The Sale. (Michel F. Bennet, U.S. Senate Financial Disclosure, 5/14/10)

In A Report To The Senate Homeland Security Committee, The Government Accountability Office (GAO) Wrote That The Iran Sanctions Act Imposes Sanctions Against Iran To Discourage The Country From Supporting Terrorism And Developing Nuclear Weapons. “U.S. law restricts U.S. firms from investing in Iran’s energy sector through sanctions to discourage Iran from supporting terrorism and developing nuclear weapons. In addition, the Iran Sanctions Act (ISA) provides for sanctions against persons, including foreign firms, who invest more than $20 million in Iran’s energy sector in any 12-month period.” (Testimony, Government Accountability Office, “Iran Sanctions: Firms Reported To Have Commercial Activity In The Iranian Energy Sector And U.S. Government Contracts,” www.gao.gov, 5/12/10)

In The GAO Report, Gazprom Is Listed As A Firm That Has Commercial Activity In The Iranian Oil, Gas, Or PetroChemical Sectors. (Testimony, Government Accountability Office, “Iran Sanctions: Firms Reported To Have Commercial Activity In The Iranian Energy Sector And U.S. Government Contracts,” www.gao.gov, 5/12/10)

Gazprom Was Criticized As It Announced It Would Establish A “Gas OPEC” With Iran And Qatar:

“Gazprom, Which Supplies A Quarter Of Europe’s Gas, Announced On Monday That It Was Establishing A ‘Big Gas Troika’ With Iran And Qatar. It Was Described By The Iranian Oil Minister Gholamhossein Nozari As A ‘Gas OPEC’.”(Terry Macalister, “Financial: European Exports Help Gazprom Profits Soar By 30%,” The [London]Guardian, 10/23/08)

Citing A 72% Increase In Export Value, Gazprom Faced Criticism From The West For Its “Decision To Establish A Gas Cartel With Iran And Qatar That Could Drive Up Prices Further.” “Gazprom has produced record quarterly figures on the back of a 72% increase in the value of exports to Europe but the heavily indebted Russian group warned that the credit crunch could hit its cashflow. The world’s largest gas producer earned $18.5bn (£11.4bn) from European sales in the first quarter, triggering more harsh criticism in the west about its decision to establish a gas cartel with Iran and Qatar that could drive up prices further.” (Terry Macalister, “Financial: European Exports Help Gazprom Profits Soar By 30%,” The [London] Guardian, 10/23/08)

Gazprom, Russian State-Owned Energy Company Associated With “Pervasive Corruption” Bullied Europe By Cutting-Off Gas Supply:

Russia Cut Off Its Gas Supply To The Ukraine And Countries Belonging To The European Union For Nearly Two Weeks As “Residents Froze.” “The latest episode in the long series of gas wars between Russia and Ukraine has been by far the worst. Supplies to the entire European Union--which come from Russia via Ukraine--were cut off for nearly two weeks, and residents froze.” (Leon Aron and Kara S. Flook, “Ending The Gas Wars,” National Review Online, 1/29/09)

· Bulgaria, The Czech Republic, Hungary, Poland And Romania Reported A Decline In Gas Supply. “Gazprom has continued to send gas to Europe, which relies on it for a quarter of its gas. But 80 percent of the gas Gazprom sends west passes through the same pipelines that supply Ukraine, and over the past four days the pressure in the pipelines has dropped. Some European countries including Bulgaria, the Czech Republic, Hungary, Poland and Romania have reported a decline in supplies.” (Dirk Lammers, “Mideast, Russia Issues Send Oil Above $48,” The Associated Press, 1/5/09)

National Review Authors Note That Through Its Dealings With The EU, Gazprom Is Associated With “Pervasive Corruption.” “By allowing each member state to negotiate secret bilateral contracts with Gazprom, the EU has given Gazprom the upper hand. Apart from this secrecy’s practical consequences, the appearance of pervasive corruption is hard to escape. The first goal for Europe should be transparency.” (Leon Aron and Kara S. Flook, “Ending The Gas Wars,” National Review Online, 1/29/09)

Venezuela And Gazprom Have Teamed-Up As Well:

Venezuela Had Been Increasing Cooperation With “Gas Monopoly Gazprom.”“OPEC member Venezuela is one of the world’s biggest oil producers, with about 87 billion barrels of proven conventional oil reserves. In recent years it has been increasing cooperation with Russian energy firms, particularly state gas monopoly Gazprom.” (“Venezuelan President Expects Medvedev To Visit In Late November,” RIA Novosti,hen.rian.ru, 10/10/08)

· “Venezuela Is Also A Major Purchaser Of Russian Weapons And Hardware, With Contracts Worth At Least $4 Billion.” (“Venezuelan President Expects Medvedev To Visit In Late November,” RIA Novosti, hen.rian.ru, 10/10/08)

Russian Energy Companies Signed Cooperation Agreements With Venezuela’s State Oil And Gas Company. “Russian energy companies signed cooperation agreements with Venezuela’s state oil and natural gas company PDVSA as part of Chavez’s previous visit to Russia in July.” (“Venezuelan President Expects Medvedev To Visit In Late November,” RIA Novosti, hen.rian.ru, 10/10/08)

Venezuelan President Chavez Noted Iran’s Support For An International Oil Bank That Included Venezuela. “Chavez said that Iran had already voiced its support for the formation of an international oil bank, which according to him could be joined by Saudi Arabia and Iraq.” (“Venezuelan President Expects Medvedev To Visit In Late November,” RIA Novosti, hen.rian.ru, 10/10/08)

· NOTE: RIA Novosti Is Russia’s State News Agency

And Bennet Made Investment Profits Off Notorious Chinese Natural Gas Monopoly “China National Offshore Oil Corporation” (CNOOC) Which Is In Question Of Violating The Iran Sanctions Act:

CNOOC: China National Offshore Oil Corporation (China) – Natural Gas

· Bennet Made As Much As $50,000 On The Sale. (Michel F. Bennet, U.S. Senate Financial Disclosure, 5/14/10)

In The GAO Report, CNOOC Is Listed As A Firm That Has Commercial Activity In The Iranian Oil, Gas, Or PetroChemical Sectors. (Testimony, Government Accountability Office, “Iran Sanctions: Firms Reported To Have Commercial Activity In The Iranian Energy Sector And U.S. Government Contracts,” www.gao.gov, 5/12/10)

2008: “As US-Led Sanctions Push European Majors To Suspend Integrated Gas Development And LNG [Liquid Natural Gas] Schemes In Iran, The Iranians Are Targeting State Companies From India, Russia And China To Fill The Breach.”(“Iran Struggles On With LNG Plans,” World Gas Intelligence, 4/2/08)

· CNOOC And An Iranian Liquid Natural Gas Company Signed A $3.3 Billion Contract To Construct Two Liquefaction Trains. “According to Ali Kheirandish, Iran LNG Company managing director, his company has signed a US$ 3.35 billion contract with a consortium led by China National Offshore Oil Corporation to construct two liquefaction trains with a total capacity of 10.5 million tons-per-year of Liquid Natural Gas.” (“CNOOC Signs For Iran LNG Project,” IHS, energy.ihs.com, 3/23/09)

2006: “State-Owned Chinese Oil Company CNOOC Is Pledging $16 Billion To Develop Iranian Natural Gas Fields.” (CNN’s “Lou Dobbs Tonight,” 1/4/07)

· CNOOC And Iran Signed The $16 Billion Agreement To Develop Iran’s Northern Pars Gas Field. “Both Democrats and Republicans on the [House International Relations] committee voiced support for sanctioning the China National Offshore Oil Corporation (CNOOC) because of its dealings with Iran. CNOOC and Iran in December announced a $16-billion deal to develop Iran’s Northern Pars gas field. The deal appears to violate a US law that imposes sanctions against companies that invest more than $20 million in Iran’s oil and gas industry.” (Joshua Kucera, “US Congress Pushed Bush To Engage Iran,” EurasiaNet, www.isn.ethz.ch/isn, 1/17/07)

2005: CNN’s Casey Wian Discussed China State-Owned Oil Company CNOOC’s Withdrawl Of An $18.5 Billion Offer To Buy Unocal. CNN’s Casey Wian: “Amid growing pressure from Congress and mounting evidence its deal made little financial sense, China’s state-owned oil company CNOOC withdrew its $18.5 billion buyout offer for Unocal. It’s a victory for lawmakers who say a communist government-controlled company has no business buying a strategic American asset like Unocal.” (CNN’s “Lou Dobbs Tonight,” 8/3/05)

BENNET ON HUMAN RIGHTS

PetroChina: Bennet Profited From Company With Ties To Genocide In The Darfur Region Of Sudan

Michael Bennet Has Expressed Disapproval Of Human Rights Violations In Sudan:

Michael Bennet Was One Of 27 Senators To Urge US Ambassador To The UN To Express Their Disapproval Of Human Rights Abuses By Sudanese Government In Darfur. “A bipartisan group of 27 Senators wrote to US Ambassador to the United Nations Susan Rice urging her to ensure that the UN Security Council does not tolerate continued human rights abuses and arms embargo violations by the Sudanese government and rebel groups in Darfur.” (Save Darfur Website, “Twenty-Seven Senators Push For UN Action On Darfur,” Press Release, blogfordarfur.org, 12/15/09)

· Click Here To Read The Letter And See Michael Bennet’s Signature. (Letter To Ambassador Susan Rice, U.S. Senate, 12/14/09)

And On Sunday, October 17^th, Sen. Michael Bennet Will Join Humanitarian Supporters At The 2010 Walk For Sudan. “Join us for the  2010 Walk for Sudan to be held at Cherry Creek State Park on Sunday, October 17th from 1:00 to 3:30 pm! … The Honorable Michael Bennet, U.S. Senate and wife Susan Daggett, The Honorable Mark Udall, U.S. Senate, The Honorable Diana DeGette, US House of Representatives, The Honorable Ed Perlmutter, US House of Representatives, The Honorable Bill Ritter, Governor of Colorado, The Honorable Michael Hancock, Denver City Councilman, and other elected officials are the Honorary Chairs of this exciting event, in which over 500 Africans and Americans of all ages will attend.”(2010 Walk For Sudan, “2010 Walk for Sudan Sunday October 17^th,” events.constantcontact.com, Accessed 10/5/10)

But Bennet Made As Much As $50,000 Off Investment In Chinese State-Owned Company PetroChina, Which Had Ties To Genocide In Darfur:

PetroChina Company Limited (O & G)

· Bennet Made As Much As $50,000 On The Sale. (Michel F. Bennet, U.S. Senate Financial Disclosure, 5/14/10)

In 2005, Harvard Sold Shares Of PetroChina After It Was Tied To Ongoing Genocide In Darfur. “Harvard sold its shares of PetroChina after months of pressure regarding PetroChina’s alleged ties to ongoing genocide in the Darfur region in Sudan. Its parent company, CNPC, invested $1 Billion with Sudan to help increase oil revenue; that money is said to help fund the genocide.” (Stephen M. Marks and Lauren A.E. Schuker, “Harvard To Divest From PetroChina,” The Harvard Crimson,www.thecrimson.com, 4/4/05)

In 2007, Warren Buffet And Berkshire Hathaway Were Urged To Divest In PetroChina Amid Accusations Of Ties To The Genocide In Darfur. “Could Warren Buffett's Berkshire Hathaway be helping to support genocide in Darfur? The Sudan divestment movement, which has persuaded dozens of universities and state governments to sell holdings of companies doing business in Sudan, says Berkshire (Charts, Fortune 500) should do the same.” (Marc Gunther, “Warren Buffet And Darfur,”FORTUNE, money.cnn.com, 4/18/07)

· “Buffett Is Resisting. The Legendary Investor Will Tangle With His Critics Over The Issue On May 5 At The Company’s Annual Meeting In Omaha.” (Marc Gunther, “Warren Buffet And Darfur,” FORTUNE, money.cnn.com, 4/18/07)

· Buffet And His Company Owned Stock In CNPC, The Chinese State-Owned Controlling Shareholder For PetroChina. “Berkshire has become a target of the divestment campaign because it owns 2.3 billion shares of PetroChina Co. (Charts), a subsidiary of the state-controlled China National Petroleum Corp. (CNPC). CNPC has extensive operations in Sudan; it owns a major stake in Sudan’s national oil consortia.” (Marc Gunther, “Warren Buffet And Darfur,” FORTUNE, money.cnn.com, 4/18/07)

China’s Oil Assets In The Sudan Were Referred To As “An Undeniable And Well-Documented Enabler Of … Genocidal Policy In Darfur.” “China and Sudan are engaged in a marriage of convenience. For its part, China gets oil - Beijing purchased more than half of Sudan’s oil exports in 2005. China’s growing demand for energy has led the Chinese to cultivate close relationships with many oil-rich African nations. In return, Sudan gets money, weapons and political backing from China. Because about 70 to 80 percent of Sudan’s oil revenue is funneled into its military, China’s oil assets in Sudan are ‘an undeniable and well-documented enabler of Khartoum’s genocidal policy in Darfur,’ according to the Sudan Divestment Task Force.” (Marc Gunther, “Warren Buffet And Darfur,” FORTUNE,money.cnn.com, 4/18/07)

BENNET ON ENVIRONMENTAL STANDARDS

Huaneng Power International: Bennet Profited From Company Said To Have Surpassed The U.S. In Total Carbon Emissions

Bennet Has Stood Behind Efforts To Strengthen The Clean Air Act Touting Support For “Our Nation’s New Aggressive Fuel Efficiency Standards”:

Bennet Opposed Sen. Murkowski’s Resolution To “Weaken” The Clean Air Act.“I oppose the Murkowski resolution because it would gut the Clean Air Act one of our nation’s strongest and most effective pieces of legislation. The resolution places politics over science, and would overturn our nations new aggressive fuel efficiency standards. Governor Ritter championed those standards in Colorado, and they are projected to save Americans 450 million barrels of oil and $33.3 billion. Senator Murkowskis resolution would prevent Americans from seeing those savings, increase our dependence on foreign oil and push us off the path to energy independence.” (Sen. Michael Bennet, “Bennet Statement In Opposition To Murkowski Resolution To Weaken Clean Air Act,” Press Release, 6/4/10)

But Bennet Made As Much As $50,000 Off Investment In “The World’s Biggest Corporate Carbon Emitter”:

Huaneng Power International (China) –Electric Power

· Bennet Made As Much As $50,000 On The Sale. (Michel F. Bennet, U.S. Senate Financial Disclosure, 5/14/10)

2008: China Was On Track To Surpass The U.S. In Total Carbon Emissions Of The U.S. “The carbon emissions of China’s electric power sector will jump by about a third this year and surpass the total emissions of the U.S. electric power industry for the first time, according to a report by the Center for Global Development, a Washington-based think tank.” (Steven Mufson, “Power-Sector Emissions Of China To Top U.S.,” The Washington Post, www.washingtonpost.com, 8/27/08)

· “Half Of The Biggest Carbon Emitters Worldwide Are Chinese Power Companies, Led By Huaneng Power International, An Independent Company Initially Led By The Son Of Former Premier Li Peng.” (Steven Mufson, “Power-Sector Emissions Of China To Top U.S.,” The Washington Post,www.washingtonpost.com, 8/27/08)

· Huaneng Power International Was Called “The World’s Biggest Corporate Carbon Emitter” By A Global Development Washington Think Tank. “The world’s biggest corporate carbon emitter is China’s Huaneng Power International, whose plants pump out about 285 million tons of CO2 per year, far more than the 227 million tons produced by all of the power plants in the United Kingdom combined and almost as much as the entire continent of Africa (335 million tons).” (“China Passes U.S., Leads World In Power Sector Carbon Emissions,” Center For Global Development, www.cgdev.org, 9/8/08)

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