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IOC, ONGC, OIL among 5 companies named by US administration for Iran ties

DeathInvader

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NEW DELHI: State-owned ONGC, IOC and OIL are among the five global companies named by the US administration for having energy ties with Iran, for which they can face sanctions by America.

The US government accountability office has named Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and Oil India Ltd (OIL) along with China's CNPC and Sinopec as "foreign firms reported to have engaged in commercial activity in Iran's energy sector between November 8, 2013, and December 1, 2014".

The US Iran Sanctions Act provides for steps against persons, including foreign firms, investing more than $20 million in Iran's energy sector in any 12-month period.


The three firms have been named for their stake in the Farsi offshore block in Iran.

US GAO had included only ONGC and OIL in its previous report last year and kept IOC out because of "insufficient information available".

But in the report this year, it said: "The firm's (IOC's) 2013-14 annual report stated that the firm has a 40 per cent participating share in the Farsi Block Project."

It cites ONGC's annual report mentioning 40 per cent interest in Farsi block as well as OIL's annual report stating 20 per cent stake in the block for being included in the report.

All the three firms gave similar response to US GAO saying the "exploration contract (for Farsi block) expired in 2009" and that they had "not carried out any activity after 2007 in the Farsi Block".

ONGC holds the 40 per cent stake in Farsi through its overseas investment arm, ONGC Videsh Ltd.

After finding its name in on the list of entities engaged with Iran in three consecutive reports between 2010 and 2012, OVL stopped mentioning the Farsi stake in its annual report, resulting in its name being withdrawn in 2014.

Besides OVL, US GAO had also withdrawn Petronet LNG Ltd as well as Hinduja Group firm Ashok Leyland Project Services from the list saying "there were no open-source reports of the firms conducting commercial activity in Iran".

According to GAO, the US has not imposed sanctions on any firm for their Iran energy ties since 1998.

The US and its allies have pursued the sanctions route to isolate Iran over its alleged nuclear programme.

OVL, IOC and OIL explored for oil and gas in Iran's Farsi block and proposed investing $5.5 billion to produce gas from the 21.68 trillion cubic foot discovery they made in the offshore area located near the Saudi Arabian border.

They, however, haven't invested in the development due to differences over the contract with the Iranian government.


IOC, ONGC, OIL among 5 companies named by US administration for Iran ties - The Times of India
 
How can we meet our enervy needs without Iranian sources?
Americans can pass stupid sanction like this deal but at the end energy deficent nations like China and India will suffer
 
I don't think it would much of an effect. India is already paying Iran in rupees I guess. I wonder what damage can it inflict?

Indian backstabbing scheme caught red-handed!

What back stabbing? We always had an independent policy. And US can't dictate terms to India. We aren't bound by anything.
 
I don't think it would much of an effect. India is already paying Iran in rupees I guess. I wonder what damage can it inflict?



What back stabbing? We always had an independent policy. And US can't dictate terms to India. We aren't bound by anything.

Then US will also sanction those 3 companies from West deals .Negotiations is the only way in here.Iranian Crude is important we cant reduce it.

Indian backstabbing scheme caught red-handed!


:wacko::wacko:
 
Then US will also sanction those 3 companies from West deals .Negotiations is the only way in here.Iranian Crude is important we cant reduce it.




:wacko::wacko:

Iranian crude is cheap and Easily transportable to India. It also saves us a lot of transportation cost. US can themselves have nuclear deals with them but the rest of the world cannot. How Absurd.
 
These companies should start trading with Iran, Iran can supply enough crude for them.

Sanctions do not work on India, USA knows this when they tried them in 1998.
 
Iranian crude is cheap and Easily transportable to India. It also saves us a lot of transportation cost. US can themselves have nuclear deals with them but the rest of the world cannot. How Absurd.

Dude now ball is in their court.

They can challenge anyone
 
No you will not, fact is that we (Pakistan India China )are all afraid of USA. They have the money!!!!

Yea that's also true. We South Asian are all take, and then someone points a gun to our face and it's all "yes sir, yes madam".

I wish we had the testicular fortitude to stand by Iran.
 
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