Indian Oil Firm Resolved to Stay in Iran despite US Sanctions

Indian Oil and Natural Gas Corp’s (ONGC’s) plans to develop a gas field in Iran may hit aspirations for US energy assets, chairman Sudhir Vasudeva said on Tuesday, alluding that the company may not give up partnership in Iranian energy projects for the sake of improved presence in the US.

“We are present in Iran and Sudan,” said Vasudeva.

“Because of this there are restrictions. We are trying to find ways to circumvent that. For any opportunity in the USA, we will have to address the law of the land.”

Western sanctions against Iran’s nuclear program are aimed at stemming revenues of the Organization of Petroleum Exporting Countries (OPEC) member through sales of crude and bar institutions dealing with Iran’s central bank from the US financial system.

Mangalore Refinery and Petrochemicals Ltd, a subsidiary of ONGC, is one of the key Indian oil clients of Iran.

ONGC is in talks with the Iranian government to develop the Farzad B gas field in the Farsi block.

It also has a 25% stake in the Greater Nile project in Sudan.