DOJ: PetroChina fined $14.5M for violating US export regulations
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PetroChina International America Penalized $14.5 Million for U.S. Export Violations
PetroChina International America, a subsidiary of PetroChina, has been fined and ordered to forfeit a total of $14.5 million due to breaches of U.S. export law, according to an announcement from the Justice Department on Tuesday. Investigations revealed that the company had inaccurately reported data in an electronic database used by exporters to log international shipments from the United States, stated the U.S. Attorney's Office for the Southern District of Texas in a press release.
Misclassification of Diesel Fuel
The office highlighted that PetroChina International America improperly categorized over $32 million worth of ultra-low-sulfur diesel fuel as mineral oil mix in specific export transactions to Mexico during 2019 and 2020. This intentional misclassification violated export regulations, prompting the hefty penalty.
Cooperation and Compliance Efforts
In response to the allegations, PetroChina International America has reportedly been fully cooperating with authorities throughout the investigation. Additionally, the company has taken significant steps to improve its compliance program to prevent future violations. However, representatives from PetroChina International America have not provided any immediate comments regarding the situation.
This case underscores the importance of adherence to export regulations and the serious consequences companies face when failing to comply with U.S. laws.
