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| Multiple foreign firms aiding Iran's energy sector: U.S. watchdog |
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WASHINGTON (Dow Jones)- More than a dozen foreign companies were engaged in the development of Iran's oil and natural-gas sectors during a 15-month period that ended in May 2011, according to an investigative group for the U.S. Congress. In a report released last week, the Government Accountability Office said 16 non-U.S. companies --hailing from China, India, Venezuela and other countries -- had been conducting commercial activity in the development of Iran's energy sector. The GAO said it didn't try to determine whether the activities violated U.S. sanctions against Iran. U.S. law has restricted U.S. and foreign companies from investing in Iran's energy sector, which provides a big source of revenue for the Iranian government. Of the 16 companies that were identified as having commercial activities in Iran's energy sector, two of them have contracts with the U.S. government, totaling about $4 million, the report said. The GAO is also working on a report that will look at companies that sell refined petroleum products to Iran. The report, which used public sources and which did not make recommendations, said insufficient information was available to determine whether the following companies, identified in the 2010 report, were still active during the 2010-2011 period: Russia's Gazprom; Malaysia's Petrofield, SKS Ventures and Amona; India's Petronet LNG; Italy's Tecnimont; and Poland's PGNiG.
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