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John Crane is a subsidiary of Smiths Group PLC
""Foreign firms dealing with Iran's oil and gas sector admit that severe Western sanctions are taking their toll on business, despite Tehran talking up its ambitions at the opening of an international industry exhibition this week. The International Oil, Gas, Refining and Petrochemical Exhibition, held in northern Tehran, was three-quarters filled by Iranian companies working at every level of the industry, from the biggest to ones involved in peripheral activities such as instruments, quality inspections and oil barrel manufacturing. There were 315 foreign stands, down from the 496 present at last year's trade show. Some of the biggest foreign companies that had been major partners in the industry, such as the Anglo-Dutch group Shell and Italy's ENI, were not present. Others, such as the China Petroleum Technology and Development Corporation, the French-Iranian joint venture Beh Total and Norway's Statoil, did have stands -- but representatives there told AFP they had been instructed by their bosses to give no comments at all to journalists...Companies trading in services or equipment from Europe, the United States and Japan were having the most difficulty, they said. Other Asian companies were doing somewhat better. Big foreign groups seeking to be repaid for credit or services extended to Iran were having to convert the debt into deliveries of oil or gas -- in some cases to the tune of hundreds of millions of dollars -- because of the impossibility for Iran to transfer hard currency to them. A representative at an exhibition stand for John Crane, a subsidiary of the British-based industrial technology group Smiths that sells engineering parts to the gas and oil industry, said his company had been forced to stop supplying certain hi-tech valves manufactured in the United States, Britain and Japan." (Agence France-Press, "Foreign firms say times tough in Iran's energy sector," 4/18/12)