OKLAHOMA CITY - Stating that millions in Oklahoma taxpayers' funds have been invested in European companies supporting Iran and other terrorist-sponsoring nations, State Representative Jason Murphey (R-Guthrie) announced the introduction of House Resolution 1022, to encourage the divestment of Oklahoma's pension funds from those companies.
Murphey cites a report by The Center for Security Policy which details that 18% of the Oklahoma Teachers' Retirement System and 14% of the Oklahoma Public Employees' Retirement System has been invested in foreign companies having an estimated 71 billion dollars worth of projects invested in terrorist-sponsoring nations, with a large number investing in Iran.
Murphey explains that it is basically illegal for businesses based in the United State to do business with the government of the terrorist sponsoring nation of Iran. However, because European companies are outside the jurisdiction of the United States, they can ignore the US policy prohibiting individuals from helping the government of Iran rebuild their aging infrastructure. Murphey states that the revenue generated by this infrastructure can be used by Iran and other terrorist-supporting nations to arm and train Hezbollah terrorists, shelter members of Al Qaeda, build Shehab 3 ballistic missiles and even piece together nuclear bombs.
"I don't believe the average state employee, teacher and taxpayer is fully aware that their retirement funds have been used in such a manner," Murphey said. "If they were made aware of this, I feel lawmakers would have little option but to enact a change of policy."
Murphey said that the aging oil supply infrastructure in Iran will make it more difficult for the Iranian government to continue their policy of financing terrorist organizations. Oil revenue is estimated to account for as much as 50% of Iran's revenue. However, several European companies, including those in which Oklahoma funds are invested, have snubbed their noses at US policy and are working to help Iran rehabilitate infrastructure. "Without the threat of divestment, these companies will continue to support our enemies," Murphey said.
Murphey said that in addition to the passage of House Resolution 1022, he intends to work for a statutory solution to the problem and will ask the Speaker of the House to approve an interim study to develop appropriate statutory language.
Individuals wishing to obtain a copy of the Center for Security Policy Report may do so by visiting www.housedistrict31.com.
Following is a description of companies with which Oklahoma has investments.
Total SA, headquartered in France, is among the leading energy investors in Iran. Its ties to Iran include ownership and development stakes in oil and gas fields that have generated significant revenues for Iran. Through close cooperation with Iran's state-owned National Iranian Oil Company, Total is involved in joint research projects for the development of numerous onshore and offshore oil fields in Iran. In 1997, Total became the first company to openly ignore the U.S. Iran-Libya Sanctions Act. That law was specifically designed to ensure that Iran and Libya were unable to realize substantial energy-related revenues that could be used to advance those countries' sponsorship of terrorism. Once Total ignored the law, a flood of foreign companies entered the energy market of those countries. Total is one of the most widely held foreign stocks of public pension funds.
Technip Coflexip a French engineering and construction company extensively involved in the Iranian energy sector. Technip's ties to Iran include multiple contracts for the construction of large petrochemical plants. For at least one of these contracts, the company is reported to be providing a variety of equipment and technology. Technip's business ties to Iran have been investigated by the U.S. government due to allegations that specialty pumps provided to Iran by Technip may have contributed to that country's covert nuclear weapons programs. According to published reports, the company may have transferred "cryogenic fluid transfer pumps" designed to be "submersible and used to transfer extremely cold fluids" -- pumps that may have ended up in the cooling system of one Iran's nuclear reactors rather than a petrochemical complex.
UBS AG a giant Swiss bank company has been fined by U.S. regulators for violating a contract barring it from transferring dollar notes totaling $5 billion to Iran, Libya and other U.S.-sanctioned countries. Hard currency like the dollar facilitates terror sponsors' funding of terrorism and weapons of mass destruction programs. A UBS subsidiary has also been fined by U.S. regulators on charges that it violated U.S. sanctions on Iraq in 2001.
Stateoil ASA's operations in Iran are focused on the country's $2.6 billion South Pars gas field. In coordination with Iran's Petropars, Statoil is developing offshore Phases 6-8 of the South Pars field and holds a 40 percent stake in those projects. The company reportedly plans to invest as much as $300 million in the $2.6 billion South Pars gas field. Of greater concern is Statoil's agreement to pay Horton Investments, an Iranian investment firm, $15.2 million as part of an effort to advance its business interests in Iran. In 2003, this agreement became the source of an intense government investigation that led to a raid on Statoil's offices. The basis for the controversy was Horton's ties to Mehdi Hashemi, son of former Iranian President Ali Akbar Hashemi Rafsanjani, who works at the National Iranian Oil Company. Statoil was investigated for potential bribery and corruption charges. Although the contract was eventually canceled (after $5.2 million had already been transferred to Horton, however), the scandal led to the resignation of Statoil's CEO and other senior officials.
ENI Spa, the Italian energy giant, has one of the largest footprints of any Western company in Iran. ENI's projects in Iran are estimated to be valued in the billions of dollars. ENI - and its subsidiaries, Agip and Snamprogetti Spa, have a number of significant business ties to the oil and gas industries of Iran. ENI maintains a 38% stake in Iran's Balal offshore oil field, a 60% stake in Phases 4 and 5 of the South Pars offshore gas field, and a 45% stake in the Gulf Dorood oil field. According to reports, ENI's contract for the South Pars gas field alone totaled some $3.8 billion. ENI has also been awarded construction and upgrade contracts for several large Iranian petrochemical complexes. The company is reportedly also bidding on contracts to develop additional phases of the South Pars deal.
Alcatel, headquartered in France, has significant operations in Iran. Among its activities in Iran that have relevance to Tehran's military and terrorism-related activities are contracts signed with state-controlled Iranian companies to provide data transmission and switching network capabilities. These contracts have reportedly included the provision of hardware, software, technologies and training to Iranian companies. It likewise is installing an undersea telecommunications cable in the country. Most of its activities in Iran are undertaken with state-owned partners.
Most company descriptions provided by the Family Security Foundation.
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