Blackstone Group LP
Blackstone Group LP is one of the world's largest financial service companies, specializing in private equity. It owns Hilton Worldwide (Company Website).
Hilton is a leading global hospitality with more than 3500 hotels in 81 countries and 130,000 employees. Hilton Worldwide encompasses 10 brands, including Hilton, Conrad, Doubletree, Embassy Suites, Hilton Garden Inn, Hampton Inn & Suites, Homewood Suites, Home2 Suites, and Hilton Grand Vacations (Company Website).
UANI has learned that the Hilton Manhattan East will host Iranian President Mahmoud Ahmadinejad's for his stay during the 2010 UN General Assembly.
Lloyd's Register
Lloyd's Register has offices in the Iranian cities of Bandar Abbas, Mahshahr and Tehran. (Lloyd's Register website "List of Offices by Country," February 2010)
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In 2008, Lloyd's Register America, Inc. acquired Martec, which has performed business in Iran's energy sector. (Martec Press Release)
AXA Group
In a correspondance with the SEC, AXA disclosed details regarding their investments in Iran.
“There are three non-US subsidiaries of the AXA Group provide insurance coverage to local subsidiaries or branches of entities known by AXA to be controlled by the government of Iran: AXA UK has entered into insurance relationships with the UK operations of four state-controlled Iranian banks (three advisory relationships and one UK group pension relationship. AXA Corporate Solutions, a French AXA subsidiary, has underwritten marine and aviation insurance policies for six companies based in Iran. AXA Spain holds a 10% co-insurance participation in a marine insurance cover for an Iranian ship (AXA Spain took this 10% co-insurance participation under an insurance program covering the fleet of a Spanish fishing company which subsequently sold one of its boats –with its insurance cover- to an Iranian company. The German branch of an AXA Assistance French subsidiary provides reinsurance coverage for 16 Iranian insurance companies. These reinsurance programs cover compulsory travel insurance for Iranian citizens entering the “Schengen area” (which consists of the European Union states where the free movement of persons is established). (CORRESP for AXA, 12/8/2009)
Hannover Re
"German reinsurer Hannover Re AG (HNR1.XE) said separately that it conducts a small amount of business in Iran and will only continue to do so if it complies strictly with United Nations and European Union sanctions.
The company said it 'conducts treaty business (proportional and non proportional) and a small amount of facultative business in the Republic of Iran,' without giving figures." (Dow Jones Newswires, "Allianz Suspends Iran Business, Hannover Re Honors Sanctions," 2/19/10)
Allianz
"Allianz SE (ALV.XE), Europe's largest primary insurer by gross premiums, said Friday it is suspending business in Iran amid calls for tighter sanctions against the country after the International Atomic Energy Agency censured Tehran for its nuclear enrichment program.
'Allianz has decided not to renew insurance treaty business in Iran because of political developments in the region. This business amounts to negligible premiums,' Allianz said in a statement, without being more specific." (Dow Jones Newswires, "Allianz Suspends Iran Business, Hannover Re Honors Sanctions," 2/19/10)
Allianz stated it is suspending its business in Iran. (February 19, 2010)
Glencore
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"Glencore, a commodities trader, was a large supplier of gasoline to Iran, but stopped last year in the face of threatened new economic sanctions by the U.S. government. The company, and its predecessor, Marc Rich and Co., had done business with Iran for more than three decades. It also has provided the United States military with transporation services, among other things." From 2000-2009, the company has been the recipient of $20.2 million US federal funds. They have withdrawn their activities in Iran. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)
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"Swiss commodities trader Glencore International AG halted gasoline shipments to Iran two to three months ago, people familiar with the matter said, a response in part to the rising prospect of heftier sanctions against the Islamic Republic for its nuclear program.
Glencore declined to comment. Glencore has long been one of the biggest gasoline providers to Iran, and the move could frustrate Iran's ability to meet its country's fuel needs…
The halt of Glencore's Iran business could also help the company prepare for an anticipated initial public offering. The U.S. House of Representatives last month passed legislation that bars any company that does more than $20 million in oil and gas business with Iran from doing business in the U.S. The Senate is expected to pass the bill early this year." (The Wall Street Journal, "Swiss Firm Halts Its Sales of Gas to Iran," 1/9/09)
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"Iran typically gets the bulk of its gasoline from the following five firms: Vitol (Switzerland/Netherlands), Trafigura (Switzerland/Netherlands), Reliance Industries Ltd. (India), Glencore (Switzerland) and Total (France)." (Stratfor, "Special Series:Iran Sanctions," September 2009)
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"Due to limited refining capabilities, Iran imports approximately 40% of its domestic gasoline consumption. Iran is the second-largest importer of gasoline in the world. That gasoline is supplied primarily by five companies: the Swiss-Dutch energy trading giants Vitol and Trafigura, the Indian multinational Reliance Industries, the Swiss trader Glencore and the French energy firm Total." (The Wall Street Journal, "Hitting Tehran Where It Hurts," 7/13/09)
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"Because of a lack of domestic refining capacity, oil-rich Iran is dependent on gasoline imports to meet about 40 percent of domestic consumption. Iran gets most of its gasoline imports from the Swiss firm Vitol, the Swiss/Dutch firm Trafigura, France's Total, the Swiss firm Glencore and British Petroleum, as well as the Indian firm Reliance." (Agence-France Press, "US lawmakers target Iran gasoline imports," 6/23/09)
Muniche Re
info@munichre.com (General)
IR@munichre.com (Investor relations)
Jweber@munichre.com (Head of media relations)
info@munichreamerica.com (USA)
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"On Thursday, Munich Re AG (MUV2.XE), one of the world's largest reinsurers, said it was suspending its business dealings with Iranian companies.
'Due to the political situation in Iran, Munich Re has decided to not renew existing business or write any new business with insurance companies there. This decision will have an impact on Munich Re's premium volume of around EUR10 million,' annually, the company said in a statement. Its total annual premium volume is around EUR41 billion." (Dow Jones Newswires, "Allianz Suspends Iran Business, Hannover Re Honors Sanctions," 2/19/10)
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"U.S. officials are considering targeting big financial firms including Lloyd's of London in a bid to impose tougher sanctions on Iran over its nuclear programme...
The White House is keen to concentrate on Iran's dependence on refined oil imports and insurance firms that underwrite the trade...
Mark Dubowitz, of the Foundation for Defence of Democracies policy institute, said: 'The key fulcrum is the insurance and reinsurance companies.
'It's difficult to ship without insurance and reinsurance...'
'If new sanctions were put in place, we would immediately take action to make sure underwriters were compliant.'
Other companies which could be targeted include Munich Re." (Daily Mail, "Obama to target Lloyd's of London in plan for tougher sanctions on Iran," 10/2/09)
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"The US and its allies are stepping up efforts to push through sanctions on companies that provide Iran with insurance following last week’s revelation that Tehran is building an undeclared nuclear facility.
The move could affect the business of groups such as Lloyd’s of London and Munich Re, hit Iran’s supply of refined oil and bypass the UN Security Council, where both Russia and China have signalled their misgivings about sweeping new sanctions...
Aipac, the pro-Israeli lobby group, has identified groups such as Lloyd’s and Munich Re as providing services to shipments of refined petroleum to Iran...
Munich Re said it would review any new financial and trade sanctions." (Financial Times, "Insurers targeted in Iran sanctions push," 9/28/09)
Munich Re AG stated it would not renew existing business with Iran or write any new business with insurance companies there. (February 18, 2010)
Lloyd's of London
Hank.Watkins@Lloyds.com (President of Lloyd’s North America)
Christina.Nallaiah@lloyds.com (Investor Relations Manager)
enquiries@lloyds.com (general)
- "Lloyd's of London will not insure or reinsure petroleum shipments going into Iran, the insurance market said on Friday, in another blow to the Islamic Republic from wide-ranging U.S. sanctions...
'The U.S. is an important market for Lloyd's and, in recognition of this, the market will not insure or reinsure refined petroleum going into Iran,' Lloyd's General Counsel Sean McGovern told Reuters in a statement.
'Lloyd's will always comply with applicable sanctions,' McGovern added." (“Lloyd's says won't cover Iran petroleum shipments,” Reuters, July 9, 2010).
- Lloyd's of London [LOL.UL], the insurance market, is restricting cover for any ships carrying petroleum to Iran, the Financial Times reported on its website late Thursday. Lloyd's was quoted as saying it would ensure its members complied with new U.S. rules once President Barack Obama signed new sanctions legislation." (Reuters, "Lloyd's Cover for Iran Petroleum Shipments," 7/2/2010)
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"Lloyd’s of London, the insurance market, will cut its coverage for refined oil shipments to Iran if the US passes wide-ranging sanctions legislation.
Lloyd’s told the Financial Times it would comply with the legislation, versions of which have been approved by both houses of Congress...
'If the legislation is passed and sanctions are put in place by the US, we would comply and ensure underwriters in Lloyd’s were compliant, although we would not want the compliance burden to be disproportionate,' said Sean McGovern, general counsel for Lloyd’s.
Lloyd’s is telling underwriters they would be wise to review their contracts to look for ships heading to Iran. Mr McGovern said it was possible that underwriters would be compelled positively to ensure that a ship they had covered would not be going to Iran. This could take the form of inserting exclusionary clauses in future contracts, specifying that ships would not be covered if they carried goods to Iran." (Financial Times, "Lloyd's to Abide by Any Iran Sanctions," 2/16/10)
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"U.S. officials are considering targeting big financial firms including Lloyd's of London in a bid to impose tougher sanctions on Iran over its nuclear programme...
The White House is keen to concentrate on Iran's dependence on refined oil imports and insurance firms that underwrite the trade...
Mark Dubowitz, of the Foundation for Defence of Democracies policy institute, said: 'The key fulcrum is the insurance and reinsurance companies.
'It's difficult to ship without insurance and reinsurance.'
A statement from Lloyd's of London said it would take action to ensure any new sanctions were abided by.
It said: 'Lloyd’s covers less than 10 per cent of the shipping that carries refined oil to Iran.
'If new sanctions were put in place, we would immediately take action to make sure underwriters were compliant.'" (Daily Mail, "Obama to target Lloyd's of London in plan for tougher sanctions on Iran," 10/2/09)
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"The US and its allies are stepping up efforts to push through sanctions on companies that provide Iran with insurance following last week’s revelation that Tehran is building an undeclared nuclear facility.
The move could affect the business of groups such as Lloyd’s of London and Munich Re, hit Iran’s supply of refined oil and bypass the UN Security Council, where both Russia and China have signalled their misgivings about sweeping new sanctions...
The London insurance market said: 'Lloyd’s covers less than 10 per cent of the shipping that carries refined oil to Iran. If new sanctions were put in place, we would immediately take action to make sure underwriters were compliant.'" (Financial Times, "Insurers targeted in Iran sanctions push," 9/28/09)
"Lloyd's of London will not insure or reinsure petroleum shipments going into Iran, the insurance market said on Friday, in another blow to the Islamic Republic from wide-ranging U.S. sanctions." (“Lloyd's says won't cover Iran petroleum shipments,” Reuters, July 9, 2010).
Visa
An AP review of corporate SEC filings found dozens of companies that have done business in Iran in recent years or said their products or services may have made it there through other channels. Some are household names: PepsiCo, Tyson Foods, Canon, BP Amoco, Exxon Mobil, GE Healthcare, the Wells Fargo financial services company, Visa, MasterCard and the Cadbury Schweppes candy and beverage maker. (From bull semen to bras, Iran still buys American, Associated Press, Sharon Theimer, July 9, 2008)
No response at this time.
MasterCard
An AP review of corporate SEC filings found dozens of companies that have done business in Iran in recent years or said their products or services may have made it there through other channels. Some are household names: PepsiCo, Tyson Foods, Canon, BP Amoco, Exxon Mobil, GE Healthcare, the Wells Fargo financial services company, Visa, MasterCard and the Cadbury Schweppes candy and beverage maker. (From bull semen to bras, Iran still buys American, Associated Press, Sharon Theimer, July 9, 2008)
No response at this time.
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