1.Sale
of petroleum from Strategic Petroleum Reserve
(a)The Secretary of Energy (referred to in this section as
the Secretary) shall engage in any sale, purchase, or exchange
activity involving the Strategic Petroleum Reserve established under part B of
title I of the Energy Policy and Conservation Act (42 U.S.C. 6231 et seq.)
(referred to in this section as the Reserve) only with a person
that certifies to the Secretary that the person is not directly or indirectly
conducting transactions in or with Iran or an Iranian entity.
(b)To
be eligible to participate in any sale, purchase, or exchange activity
involving the Reserve, a person shall certify to the Secretary, on a regular
basis, that the person is not directly or indirectly conducting transactions in
or with Iran or an Iranian entity (including executed contracts and ongoing
negotiations relating to such transactions).
(c)Prior to participating in any sale, purchase, or
exchange activity involving the Reserve, a person shall disclose to the
Secretary any new activity of the person relating to directly or indirectly
conducting transactions in or with Iran or an Iranian entity (including
executed contracts and ongoing negotiations relating to such
transactions).
(d)This
section shall not apply to a transaction of a person relating to the provision
of humanitarian assistance, an agricultural commodity or product, medicine, or
a medical device to Iran or an Iranian entity.
(e)The
President may waive the requirement for certification with respect to a person
under this section if the President—
(1)determines that
such a waiver is in the national interests of the United States; and
(2)not later than 15
days after making the determination, submits to the appropriate congressional
committees a report that describes the reasons for the determination.
(f)The
requirements of this section terminate on the date on which the President
determines that all economic sanctions imposed by the United States with
respect to Iran have been lifted.
2.Reports on
Iranian imports of crude oil and refined petroleum products
(a)Not later than 180 days after the date of enactment of
this Act and every 180 days thereafter, the Comptroller General of the United
States shall submit to Congress a report that, to the maximum extent
practicable, describes—
(1)the annual volume
and national origin of crude oil and refined petroleum products imported to and
exported from Iran (including through swaps and similar arrangements);
(2)the identity and
national origin of persons selling and transporting crude oil and refined
petroleum products described in paragraph (1);
(3)entities
providing shipping and insurance services to Iran;
(4)the sources of
financing for imports to Iran of crude oil and refined petroleum products
described in paragraph (1); and
(5)the involvement
of persons in efforts to assist Iran, and to conduct joint ventures with Iran,
in—
(A)developing
upstream oil and gas production capacity;
(B)importing
advanced technology to upgrade existing Iranian refineries;
(C)converting
existing chemical plants to petroleum refineries; or
(D)maintaining,
upgrading, or expanding refineries or constructing new refineries.
(b)The
period covered by reports under subsection (a) shall—
(1)commence on July
1, 2010; and
(2)terminate on the
date on which the President determines that all economic sanctions imposed by
the United States with respect to Iran have been lifted.