Commission Urges Banning of Foreign Investors in Sudan Oil Pipeline from U.S. Stock Markets

FOR IMMEDIATE RELEASE
November 01, 1999

Contact:
Lawrence J. Goodrich, Communications Director, (202) 523-3240

WASHINGTON, November 1, 1999 - The U.S. Commission on International Religious Freedom is urging the Administration to ban the China National Petroleum Corporation (CNPC) and any affiliates from U.S. stock exchanges because CNPC intends to use the money it raises from its upcoming public stock offering to help finance Sudan's new oil pipeline. The Treasury Department is currently reviewing whether the 1997 Executive Order regarding sanctions against Sudan can be applied to deny such access to U.S. capital markets.

"Revenue from the pipeline would insulate the Khartoum government from the impact of economic sanctions, and thus undermine American policy and the peace process," notes Rabbi David Saperstein, Commission chair. The Sudan government has waged civil war against the south, resulting in two million deaths and four million displaced Sudanese.

CNPC reportedly will provide 40% of the financing for the Sudan pipeline, which opened in September.

The U.S. Commission on International Religious Freedom was created by the International Religious Freedom Act of 1998 to monitor the status of freedom of thought, conscience, and religion or belief abroad, as defined in the Universal Declaration of Human Rights and related international instruments, and to give independent policy recommendations to the President, the Secretary of State and the Congress." src="http://www.uscirf.org/images/layout/subbottomtext1.gif" />

Rabbi David Saperstein,Chair
  • Dean Michael K. Young,Vice ChairHon. Elliott AbramsLaila Al-Marayati, M.D.Hon. John R. BoltonFiruz KazemzadehArchbishop Theodore E. McCarrickNina SheaJustice Charles Z. SmithAmbassador Robert Seiple,Ex-OfficioSteven T. McFarland,Executive Director
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