Indianoil, ONGC, Oil India Named By US Govt For Iran Ties

BENGALURU: 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, Indian Oil Corp and Oil India Ltd along with China's CNPC and Sinopec as "foreign firms reported to have engaged in commercial activity in Iran's energy sector".

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 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.
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