India

"Iranian trade negotiators have become more assertive with Indian counterparts as hopes rise of international sanctions on Tehran easing later this year, sources said, and Indian companies fear they may lose business as more countries bid for projects. The push back from the Iranians came as a surprise to India, which has enjoyed special dispensation from Tehran as one of only a handful of countries willing to do business with it while it faced Western economic sanctions. Under a tentative framework agreement reached between six major powers and Tehran in April, Iran agreed to limit its nuclear activity in return for sanctions relief. A final deal could be reached by June 30. That prospect appears to have emboldened Iran, said sources familiar with trade negotiations with India, including in its handling of a sizeable deal to import railway tracks. The $233 million contract, signed last October, was for India's State Trading Corp (STC) to facilitate exports of rail tracks from SAIL Ltd and Jindal Steel and Power Ltd to Iran's railways. But Iran told Indian negotiators that it had offers from other countries, including Turkey, to supply the equipment at a cheaper cost, the sources said." (Reuters, "With nuclear deal in sight, Iran drives harder bargain in Indian trade talks," 5/19/15)

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“Abbas Nazari, director of international affairs at the Iranian Railways Company, said officials of India's STC will come to Iran next week to pave the way for selling 200,000 tons of rail tracks, Iran's Tasnim news agency reported on April 28. On April 20, the Indian Express reported that with the Western nations easing sanctions on Iran, India's biggest steel maker SAIL is all set to sign a definitive agreement to help Tehran set up a railway network project spanning over 15,000 km to connect its major ports and key production centers…Last year, Washington had eased sanctions on Iran, which has enabled Indian companies to explore investment options. The Indian commerce ministry officials had in December last year, met the top brass of SAIL, BHEL and railway infrastructure builder IRCON to consider investing in Iran.” (Trend “Iran plans to import 200,000 tons of rail tracks from India,” 4/28/14)

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“With the Western nations easing sanctions on Iran, the country’s biggest steel maker SAIL is all set to sign a definitive agreement to supply steel worth nearly Rs 15,000 crore to help Tehran set up a railway network project spanning over 15,000 km to connect its major ports and key production centres…When contacted, SAIL chairman C S Verma said after several rounds of discussions with the commerce ministry and STC, SAIL has expressed its readiness in supplying 3 MT rail steel. ‘We are supplying rails to Indian Railways since many years. Our director commercial Vinod Kumar would accompany Khaleel Rahim to help him finalise the modalities,’ Verma said. SAIL’s Bhilai steel plant is the sole supplier of the country’s longest rail tracks of 260 metres. With an annual production capacity of 3.15 MT of saleable steel, the plant also specialises in other products such as wire rods and merchant products.” (The Indian Express, “SAIL to ink pact with Iran for supplying railway tracks,” 4/20/14)

“Abbas Nazari, director of international affairs at the Iranian Railways Company, said officials of India's STC will come to Iran next week to pave the way for selling 200,000 tons of rail tracks, Iran's Tasnim news agency reported on April 28. On April 20, the Indian Express reported that with the Western nations easing sanctions on Iran, India's biggest steel maker SAIL is all set to sign a definitive agreement to help Tehran set up a railway network project spanning over 15,000 km to connect its major ports and key production centers. Khaleel Rahim, chairman of state-owned trading firm State Trading Corporation (STC) is slated to visitTehran to finalize some of the formalities that could pave the way for steel exports from India.” (Trend, “Iran plans to import 200,000 tons of rail tracks from India,” 4/28/14)

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On July 1st, 2013, STC published a document titled “INVITES EXPRESSION OF INTEREST: For Empanelment of Associate Suppliers for supply of Manufactured Products for export to Iran.” 

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In a July 2013 Corporate Presentation, STC lists Iran as a new market of focus. 

GNFC provides “commissioning services for TDI, Methanol and other plants” located in Iran. (GNFC WEbsite, "36th Annucal Report: 2011-2012") 

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“Iran is likely to supply gas at USD 3 per mmbtu for India's proposed urea and ammonia plant to be set up in the Persian Gulf nation. Rashtriya Chemicals and Fertilisers (RCF) and Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) have been jointly working on this project. The project will also include an Iranian firm. The project is proposed to set up at a petrochemicals hub at Chahbahar, Iran, using natural gas as feedstock with an estimated investment of about Rs 7,000 crore. ‘Talks are at an advanced stage and there have been indications from the Iranian authorities for supplying gas at USD 3 per mmbtu,’ sources said. As per the proposal, the Iraninan government will assure supply of gas at fixed rate and India will lift the total quantity of soil nutrients produced at the proposed plant. Work on the project has expedite following the lifting of sanctions on Iran by the US in November last year…The Fertiliser Ministry had also received a letter from the Iranian embassy inviting a delegation from India to discuss gas prices and supply for the proposed urea plant there, sources added.  However, the Indian government is already in talks with Iran to provide financial assistance and develop Chabahar port.” (Business Standard, “Iran may supply gas at $3/mmbtu to India's proposed urea plant,” 4/17/14) 

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"India is likely to expedite the process of setting up of urea and chemical plants in Iran and a delegation may visit the country next month discussions on gas prices as the Persian Gulf nation gets relief from global sanctions. Rashtriya Chemicals and Fertilisers (RCF), Gujarat Narmada Valley Ferilisers & Chemicals (GNFC) and Gujarat State Ferilisers & Chemicals Ltd (GSFCL) are planning to jointly set up urea and chemical plants in Iran with an estimated investment of Rs 7,500-8,000 crore…’A delegation of officials from the Fertiliser Ministry, RCF, GNFCL and GSFCL are likely to visit Iran next month to discuss about assured gas supply and prices for the proposed urea plant to be set up there,’ a senior official of GNFC told PTI. The plant is proposed to set up at a petrochemicals hub at Chahbahar, Iran, using natural gas as feedstock. ‘Gas prices are lower in Iran as compared to domestic prices. This is the reason we are looking forward to set up a plant in Iran,’ the GNFC official said. However, Indian government is already in talks with Iranian government to provide financial assistance and develop Chabahar port.” (Economic Times, “Indian delegation may visit Iran for discussions on urea plant,” 11/25/13)

"With the sanctions squabble escalating between Iran and the US, New Delhi is instructing Indian firms to go slow on the proposed projects in Chabahar Free Trade Zone lest their financial transactions and technology imports from the rest of the world get caught in the crossfire. The first message from the Ministry of External Affairs has been conveyed to the Department of Fertilisers to instruct state-run Rashtriya Chemicals and Fertilisers (RCF) - which had been directed last November to shortlist the Iranian joint venture partner and firm up the feasibility report for the urea project - to suspend further actions. The MEA has told the Department of Fertilisers that it "must wait for some time before taking any further decision". It said that it would subsequently clarify India's stand on Iran, including the possibility of funding the project." (Indian Express, "Rising Iran-US tensions: Govt Asks Indian Firms To Go Slow On Chabahar Projects," 3/29/2017).
 

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“Iran is likely to supply gas at USD 3 per mmbtu for India's proposed urea and ammonia plant to be set up in the Persian Gulf nation. Rashtriya Chemicals and Fertilisers (RCF) and Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) have been jointly working on this project. The project will also include an Iranian firm. The project is proposed to set up at a petrochemicals hub at Chahbahar, Iran, using natural gas as feedstock with an estimated investment of about Rs 7,000 crore. ‘Talks are at an advanced stage and there have been indications from the Iranian authorities for supplying gas at USD 3 per mmbtu,’ sources said. As per the proposal, the Iraninan government will assure supply of gas at fixed rate and India will lift the total quantity of soil nutrients produced at the proposed plant. Work on the project has expedite following the lifting of sanctions on Iran by the US in November last year…The Fertiliser Ministry had also received a letter from the Iranian embassy inviting a delegation from India to discuss gas prices and supply for the proposed urea plant there, sources added.  However, the Indian government is already in talks with Iran to provide financial assistance and develop Chabahar port.” (Business Standard, “Iran may supply gas at $3/mmbtu to India's proposed urea plant,” 4/17/14) 

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"India is likely to expedite the process of setting up of urea and chemical plants in Iran and a delegation may visit the country next month discussions on gas prices as the Persian Gulf nation gets relief from global sanctions. Rashtriya Chemicals and Fertilisers (RCF), Gujarat Narmada Valley Ferilisers & Chemicals (GNFC) and Gujarat State Ferilisers & Chemicals Ltd (GSFCL) are planning to jointly set up urea and chemical plants in Iran with an estimated investment of Rs 7,500-8,000 crore…’A delegation of officials from the Fertiliser Ministry, RCF, GNFCL and GSFCL are likely to visit Iran next month to discuss about assured gas supply and prices for the proposed urea plant to be set up there,’ a senior official of GNFC told PTI. The plant is proposed to set up at a petrochemicals hub at Chahbahar, Iran, using natural gas as feedstock. ‘Gas prices are lower in Iran as compared to domestic prices. This is the reason we are looking forward to set up a plant in Iran,’ the GNFC official said. However, Indian government is already in talks with Iranian government to provide financial assistance and develop Chabahar port.” (Economic Times, “Indian delegation may visit Iran for discussions on urea plant,” 11/25/13)

Tata Group maintains a strong U.S. presence  and a Tata North America website.

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Tata's Subsidary, Tata Steel, has engaged in joint ventrue projects with Iranian Mines and Mining Industries.

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“India's Tata Group has announced readiness to invest in Iran's mine and energy sectors, the Mehr News Agency reported on March 15. Madhu Kannan, Tata's Head of Business Development, and Janaki Chaudhry, the group's head of strategy and business development, met with Mehdi Karbasian, the head of the Board of Directors of Iranian Mines and Mining Industries Development and Renovation, known as IMIDRO, in Tehran. Kannan said Tata is looking for an Iranian trade partner to carry out projects jointly in the long term. Karbasian, for his part, said that Tata can launch joint ventures for establishing steel plants and carrying out mining exploration projects. Tata Group is an Indian multinational conglomerate company headquartered in Mumbai. It encompasses seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. Tata Group was founded in 1868. It has operations in more than 80 countries across six continents.” (Trend, “India’s Tata announces readiness to invest in Iran’s mine, energy sectors,” 3/15/14)

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According to its Annual Report filed with the SEC for fiscal year 2013: "TCC had a contractual relationship with the Telecommunication Infrastructure Company of Iran (“TIC”). TCL had a contractual relationship with TIC as well. Both TCL and TCC terminated their contractual relationships with TIC via letters dated January 5, 2013 and January 17, 2013 respectively. Both contract terminations were effective on or before February 5, 2013. As such, the Company believes it has satisfied the requirements for the safe harbor under Section 218 of the ITR Act. Prior to the termination of the contractual relationships, both TCC and TCL had been involved in long-term relationships with TIC, and its former parent company the Telecommunications Company of Iran (“TCI”). The history of these relationships dates back decades, as the companies or their predecessors have been primary telephone operators in the international long distance market in their respective countries. On November 20, 2007, the Company was advised, pursuant to a general notification issued by TCI, of its pending reorganization and privatization by the Iranian government and that “since the ownership of Iranian International Switching Center has been transferred to the state-run TIC, all telecommunication activities such as Total Accounting Rate (TAR), Hubbing Services, Signaling Services will be performed by TIC.

Prior to this privatization, TIC was a wholly owned subsidiary of TCI. As of the privatization in 2008, TIC has operated and continues to operate as part of the Iranian Ministry of Information and Communications Technologies.

The contract between TCC and TIC (“the TCC/TIC contract”) involved the provision of fixed and mobile voice services, including IDDD (International Direct Distance Dialing), HCD (Home Country Direct), ITFS (International Toll Free Service), Operator and ISDN (Integrated Services Digital Network) traffic. The contract, a Total Accounting Rate (“TAR”) Agreement, sets out differential rates based on the volume of the bilateral voice termination traffic, i.e., from TCC to TIC and from TIC to TCC, and it covered all countries, except for India. The contract between TCL and TIC (“the TCL/TIC contract”) only pertained to the exchange of international voice traffic between India and Iran.

On November 11, 2011, the Government of Canada issued new sanctions against Iran under its Special Economic Measures Act (the “Canadian Iran Regulations”). Of relevance to the TCC/TIC relationship, the new sanctions contain explicit prohibitions on the provision of financial services: (i) to any person in Iran; (ii) from any person in Iran; (iii) for the benefit of any person in Iran; or (iv) on the direction or order of any person in Iran2 . The Canadian Iran Regulations contain grandfathering provisions that exempt from this prohibition those financial services required to be provided further to contracts “entered into before November 22, 2011”3 . The TAR Agreement at issue with TIC was last amended on August 30, 2011, prior to the grandfathering date of November 22, 2011.

On September 17, 2012, TCC sought permission from the Canadian regulator, the Minister of Foreign Affairs, to be allowed the opportunity to obtain payment from TIC for telecommunications services rendered up to the end of 2012 . TCC stated that while it believed that the contract with TIC, since it was entered into prior to November 21, 2011, was exempt from the restriction on conducting financial services with entities in Iran, it was making this filing out of an “abundance of caution.”"

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“Tata Steel has planned an equity infusion of around $675 million for its joint venture (JV) project with Iranian Mines and Mining Industries and a 100% subsidiary in Iran by 2009, together with an additional $300 million investment by 2011. The project cost for the first and second JVs would be $1.2 billion and $300 million respectively. Both the projects will have a debt-equity ratio in equal proportion and Tata Steel's equity commitment for these two projects would be around $375 million. The first joint venture would include setting up a project for manufacturing billets and slabs with 49% stake each with its Iranian counterpart with the remaining 2% held by a pension fund of the Iranian government. It would manufacture billets and slabs with a capacity of 1.5 million tonne per annum. The second JV too would have a similar shareholding pattern in its mining of unexplored iron ore mines at the Gol-e-Gohar mines in Kerman province of Iran. Further, Tata Steel will also set up a wholly-owned subsidiary for manufacturing 3 million tonne billets in two phases at a cost of $1.2 billion. The equity infusion in this project would be another $600 million split equally between two phases. Sharing details about its mega foray in Iran, Tata Steel managing director B Muthuraman said, ‘the idea is to manufacture billets at the Iran project at low cost and feed it as raw material to the NatSteel facility in Singapore.’” (Press Release, "Tata Steel equity for Iran foray at $675 million," 6/14/05)

CPCL is listed on the 4Q 2020 Minnesota State Board of Investment List of Unauthorized (Scrutinized) Iran Companies. 

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In June 2020, CPCL was listed by the Connecticut Office of the Treasurer as a restricted company and therefore prohibits direct investment in the company due to its involvement in Iran. 

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On January 20, 2020, Minnesota SBI listed CPCL as a scrutinized investment. The managers are explicitly instructed to refrain from purchasing securities on this list.

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"Indian Oil Corp (IOC) plans to pull down the 1 million tonnes per year Nagapattinam refinery of its subsidiary, Chennai Petroleum Corp Ltd (CPCL) and build a brand new 9 million tonnes unit in next 5-6 years. National Iranian Oil Co (NIOC), which holds 15.4 percent stake in CPCL, is keen to participate in the expansion project, Singh told reporters here." (Firstpost, 2/2/2019).

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As of October 2018, CPCL is listed as a restricted company on the North Carolina Final Divestment and Do-Not-Contract List-Iran.

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In 2017, the states of North Carolina, Iowa, Colorado,  South Dakota, listed CPCL on its Iran scrutinized companies list rendering CPCL ineligible for investment and/or state contracting.

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Chennai Petroleum is a subsidiary of the Indian Oil Corporation. The National Iranian Oil Company, through its Swiss-based subsidiary Naftiran, owns a minority stake in the company..

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In January 2016, in the wake of the JCPOA, press reports indicated that CPCL was looking to benefit from the cessation of sanctions against Iran and its business partners. (Business Standard, “ Chennai Petroleum, Aban Offshore hope to gain with sanctions lifting against Iran,” 1/18/2016).

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In 2015, CPCL was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of oil-related investment of US $20 million since 1996.

In 2015 CPCL was then removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company's "involvement in purchases of crude oil falls under the waivers granted by the U.S. government that meet Section (a)(2) of Act 44's expiration clause."
 

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CPCL continues to import oil from Iran, it also seeks to deepen business connections with the Iranian state by raising capital from NIOC. (The Financial Express, “CPCL looks at bringing equity funding from Iranian promoter,” 5/24/2015).

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Chennai Petroleum  is formerly known as Madras Refineries Limited (MRL).

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"Chennai Petroleum Corp., a unit of India's largest refiner, plans to resume crude imports from Iran after a two-year gap as insurers return to the market. 'This year, we plan to restart Iran oil purchases,' Managing Director S. Venkataramana said in a phone interview. 'We are already talking to the re-insurers for this, and we are getting positive responses so far.' Chennai Petroleum, controlled by Indian Oil Corp. (IOCL), plans to import about 300,000 metric tons of oil from Iran for the year ending in March 2015, he said." (Bloomberg News, "Chennai Petroleum Plans Iran Oil Imports After Two Years," 8/13/14)

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“Indian Oil Corp. (IOCL) and two other state-run refiners said they will defer resuming purchases of Iranian crude by at least three months, having failed to get reinsurance for shipments after Europe said it would relax a coverage ban…Chennai Petroleum Corp. (MRL), which hasn’t bought any oil this year from Iran, will continue to stay away, Managing Director A.S. Basu said. Curbed shipments from Iran may hamper plans by Indian refiners to benefit from lower prices and freight costs. The South Asian nation planned to buy 11 million tons of Iranian crude this fiscal year after the European Union eased its sanction on insuring cargoes following a six-month accord between the Persian Gulf state, the U.S. and five other nations.’The benefit of the Iran deal is not percolating down,’ Basu said in an interview in New Delhi. ‘Our insurers are saying foreign reinsurers want to observe the situation for six months before extending any cover.’ European rules have yet to be rewritten, so reinsurers are still unable to provide cover to Indian refineries that purchase cargoes from the Persian Gulf state, Andrew Bardot, executive officer at the International Group of P&I Clubs, said.” (Bloomberg, “India Refiners Delay Iran Imports on Failure to Get Reinsurance,” 1/7/14)

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“For standalone refinery Chennai Petroleum Corporation Ltd (CPCL), the presence of an Iranian stakeholder is turning out to be an issue in the wake of U.S. sanctions against the West Asian country. A group company of Indian Oil Corporation, the refinery, after giving up plans to process Iranian crude this year, is now watching the situation as tightening of the sanctions may lead to more, significant repercussions. The 11.5 million-tonne refinery, bulk of whose capacity is in Chennai, was planning to process only 0.5 million tonne Iranian crude. It, however, dropped it after insurers, for the Iranian shipments, said reinsurance companies were reluctant to take up the business. While such small shortfall could be bridged without difficulty, what could significantly impact CPCL, in which Naftiran Intertrade Company Ltd., an affiliate of National Iranian Oil Company, holds 15.40 per cent stake, is when other countries refrain from supplying crude citing the Iranian interest. ‘Today, it is only the insurance, and the embargo is on Iranian crude. It can be a major issue if the American government says we will not allow anybody else to sell crude to CPCL. It will definitely be a concern if Arab countries like Kuwait, and Saudi Arabia are not allowed to sell crude,’ says CPCL Managing Director A. S. Basu. He, however, hastened to add that the Centre, which is the biggest shareholder in CPCL through IOC, was seized of the issue. ‘There can be certain constraints with respect to our business… all these developments [like] the pressure by the insurance companies, higher premium rate, non-processing of Iranian crude,’ he says to a query on the bearing because of Iranian partner. He was speaking to The Hindu recently. Though the U.S. sanctions do not stipulate actions such as reduction in the insurance cover corresponding to the Iranian stake in a company, they, nevertheless, were enough for companies to play it safe. CPCL had apprised the government and the Ministry of Petroleum and Natural Gas had taken up with Ministry of Finance and other authorities, but “so far no resolution has come.” (The Hindu, “Iranian ties put CPCL in a spot after U.S. sanction,” 12/26/12)

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“India's Chennai Petroleum will stop processing Iranian crude after it lost insurance for those supplies, and its cover for crude imports from other countries was reduced because an Iranian firm owns a stake in the refiner, industry sources said. Chennai Petroleum's plants refine 230,000 barrels per day and account for about 5.4 percent of India's total refining capacity. Iran's Naftiran Intertrade Co Ltd owns 15.4 percent, according to the Indian company's website. ’Reinsurers are not supporting because of Iran's stake in the company,’ said one of three industry sources who declined to be named because of the sensitivity of the issue…Chennai Petroleum's insurance firm, United India Insurance Co Ltd, renewed its policies for the refiner in September and October and said it would not provide any coverage for crude oil imported from Iran, one of the sources said. And because of the involvement of the Iranian firm, United India also said it would cover just 84.6 percent of the cost of any accidents that occur while Chennai Petroleum is importing crude from any other country. The insurance firm also said it would not cover any liability arising out of processing crude from Iran, the sources added…The insurer had previously provided full coverage. ‘The balance is (Chennai Petroleum's) responsibility. It is a dangerous thing,’ one of the sources said. He said the oil ministry has asked the finance ministry to investigate whether United India Insurance should consider raising the cover for Chennai Petroleum again. Chennai Petroleum's annual insurance premiums were also increased by a third to 260 million rupees ($4.9 million) compared to a year ago, the sources said. Chennai Petroleum is a unit of India's largest refiner Indian Oil Corp, which imported 42,000 bpd from Iran in 2011/12 and was planning to bring in 30,000 bpd in 2012/13. IOC, however, has so far not lifted any cargoes from Iran. Chennai Petroleum was planning to process about 5,000 bpd of Iranian oil in 2012/13 compared with 8,000 bpd in 2011/12, one of the sources said. It has increased imports of Arab Mix, Basrah and Upper Zakum as substitutes.” (Reuters, “Chennai Petroleum's insurance cover cut on Iran stake-sources,” 10/23/12)

"Indian port leaders are facing pushback from private terminal operators at Jawaharlal Nehru Port Trust (JNPT) on a government plan to incentivize ocean carriers wary of operating in the relatively low-volume shipping corridor to and from Afghanistan via Chabahar Port in Iran, frustrating bilateral trade development efforts.

As a result, all ship calls on the India-Iran route have thus far been serviced by the JNPT-run terminal or DP World’s older, underutilized Nhava Sheva International Container Terminal (NSICT), which operates under a controversial 2005 tariff regime with a royalty commitment model." (JOC, "Private JNPT terminals resist incentives for Chabahar calls," 8/15/2019).

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"With the opening of the Indian Ports Global Limited's office in Chabahar on Monday, Iran has officially leased the operational control of Shahid Beheshti Port to India. The Indian company is a joint venture managed by Jawaharlal Nehru Port Trust and Kandla Port Trust for the development of ports overseas." (Financial Tribune, "Iran Chabahar Port Lease Deal With India Takes Effect," 12/25/2018).

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"The government is buying out the shares of India Ports Global, which are now held in a 60-40 ratio by the Jawaharlal Nehru Port Trust (JNPT) and Deendayal Port Trust (DPT) in Kandla. This is because while the US government has granted India a waiver from sanctions on Iran with regard to its operations at Chabahar, the waiver does not extend to commercial entities such as JNPT or DPT, which run the risk of being blacklisted by Washington if they operate in that country." (Rediff, "Chabahar Port: How India bypassed US sanctions on Iran," 12/18/2018).

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“Jawaharlal Nehru Port Trust (JNPT, at Navi Mumbai) would take 60 per cent equity in the Indian company to be formed for developing the Chabahar port in southeastern Iran.” (Business Standard, "JNPT to take 60% equity in Iran port project," 12/15/2014)

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"India is sending a team to Iran to speed up work on a port that will provide access to resource-rich Central Asia and Afghanistan, officials said, moving quickly to take advantage of a thaw in Iran's relations with the West. The port of Chabahar in southeast Iran is central to India's efforts to circumvent Pakistan and open up a route to landlocked Afghanistan where it has developed close security ties and economic interests. The port, which India is partly financing, will also be another gateway to Iran itself for Indian commerce…The Indian ministry official said while India's involvement in the port development was not strictly under the international sanctions that had been imposed on Iran, any improvement in Iran's ties with the West would build confidence in the project. 'The Geneva agreement certainly opens up the space to pursue this at greater pace.' India has committed $100 million to upgrading facilities at the port after spending $100 million on building a 220-km (140-mile) road in a dangerous stretch of western Afghanistan to link up with Chabahar…A team from the state-run Jawaharlal Nehru Port Trust which manages India's largest container port near Mumbai and the Kandla Port Trust will travel to Chabahar in the next few weeks and stay a month for a technical and commercial assessment. 'We have an opportunity here, the port has a strategic location,' said an official at the Jawaharlal Nehru Port Trust. 'But we also need to see the viability. There are not many ships going there at the moment. We have to make projections about traffic, revenue.' The port has the capacity to handle 2.5 million tonnes a year, which Iran would like to increase to 12.5 million tonnes. Iran has made the area adjacent to Chabahar town a free trade zone in the hope of spurring growth in its poor southeast. The Indian operators plan to set up a special mechanism to finance part of the port's infrastructure and they want the Iranians to give it long-term rights to operate it." (Reuters, "India accelerates Iranian port project after US-Iran thaw," 11/29/13)

As of February 18, 2022, the company is listed on Iowa's Public Employee's Retirement System (IPERS) Iran Prohibited Companies List.

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As of January 31, 2022, Iowa's Municipal Fire and Police Retirment System lists Aban Offshore Limited on its Iran Scrutinized Companies List.

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As of May 17, 2021, Iowa's Public Employee's Retirement System lists Aban Offshore Ltd on its Iran Scrutinized Companies List.

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As of December 2020, Rhode Island continues to list Aban Offshore Ltd as an Iran scrutinized company for active involvement of at least $20-50 million in Iran's energy sector.

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As of June 2020, Aban Offshore Limited is listed on Iowa's Iran Divestment Report.

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As of August 15, 2019, Iowa's Municipal Fire & Police Retirement System lists Aban Offshore Ltd on its Iran Scrutinized Companies List.

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As of July 31, 2019, Iowa's Municipal Fire & Police Retirement System list Aban Offshore Ltd on its Iran Scrutinized Companies List.

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As of May 15, 2019, Iowa Public Employee's Retirement System lists Aban Offshore Ltd. on its Iran Prohibited Companies List.

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"Chennai-based Aban Offshore has struck a deal to buy 100% of blocks 15/13a and 15/13b for £57 million. Iran’s national oil company is the current owner of the two blocks, according to the Oil and Gas Authority (OGA). Aban’s stakes will be held by Caldera Petroleum, a London-registered company which was incorporated just last week. Caldera is a wholly-owned subsidiary of Aban Singapore, whose parent company is Aban Offshore. Reji Abraham, who was on the 2009 Forbes list of the world’s wealthiest people, is Aban Offshore’s managing director. The firm’s deal with Iranian Oil Company (UK) is subject to OGA consent, but Aban has already found a buyer for 50% of the two assets." (Energy Voice, "Indian's Aban offshore in quick-fire sale of North Sea blocks," 10/10/2018).

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As of September 25, 2018, Iowa's report to the Treasurer of State lists Aban Offshore Limited on its list of Iran Scrutinized Companies. 

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As of June 30, 2018, Iowa State Board of Regents lists Aban Offshore Limited on its list of Iran Scrutinized Companies. 

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As of February 1, 2018, Ohio lists Aban Offshore Limited on its Iran Scrutinized Companies list. 

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"Aban Offshore Senior Vice-President S Srinivasan said that the company had around $288 million in receivables from Iran as on March 2016, which subsequently came down to $252 million to March 2017.

"We have reduced the receivables (from Iran) by around $36 million plus and we have also collected whatever has been billed," said Srinivasan, adding, "The re-election of the President is definitely positive, so I think the reformist agenda will continue."" (Business Standard, "Aban Offshore's receivables from Iran dip $46 mn after lifting of sanctions," 6/5/2017).

 

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On March 6, 2017, Colorado removed Aban Offshore Limited from PERA's Iran List. 

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In 2017, Rhode Island listed Aban Offshore Ltd as an Iran scrutinized company. 

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As of December 20, 2017, South Carolina lists Aban Offshore Ltd as an Iran scrutinized company. 

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As of July 7, 2017, Tennessee lists Aban Offshore Ltd as an Iran scrutinized company. 

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As of June 30, 2017, State of Iowa lists Aban Offshore Ltd as an Iran scrutinized company. 

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As of March 1, 2017, New Jersey identified Aban Offshore Litd., as having equity ties to the government of Iran or its instrumentalities and are engaged in business operations with entities in the defense sector or nuclear sector of Iran, and are therefore ineligible for investment by pension or annuity funds. 

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On January 16, 2017, OFAC announced Aban has agreed to pay $17,500 for violating US sanctions on Iran in 2008 when its Singapore subsidiary ordered oil rig supplies from the US with the intention of re-exporting them from the UAE to a rig in Iranian territorial waters.

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According to Rigzone.com, Aban Offshore Limited is currently operating four drillships in in Iranian waters.

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In 2016 and 2017 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. Aban Offshore was included on this list in 2016. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."

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"Aban Offshore Ltd. (ABAN), Asia’s third-most-indebted oil rig provider, will be able to obtain cheaper U.S. and European financing following the easing of some sanctions on Iran, the Indian company’s biggest market. The company will be able to cut its cost of debt by as much as 2.5 percentage points as the easing of sanctions allows Aban to borrow from European and U.S. banks, a route previously closed, according three analysts surveyed by Bloomberg News. The driller had debt equivalent to 129.9 billion rupees ($2.1 billion) as of Sept. 30, according to data compiled by Bloomberg, eight times as much its market value…'Aban now has the door open to access liberal interest rates and take cheaper debt for refinancing,' Kenin Jain, head of equity sales at Emkay Global Financial Services Ltd., said by phone from Mumbai on Nov. 27. 'This is a huge respite. It will boost earnings and improve cash flows. The stock is already reacting to this.' Emkay has an 'accumulate' rating on the stock…Aban, based in the south Indian city of Chennai, has $398 million of debt due for repayment through 2015, according to data compiled by Bloomberg. Its weighted average cost of debt is 7.1 percent and that for debt and equity is 7.9 percent, according to data compiled by Bloomberg.

Its short-term debt is rated A4, the second-lowest grade, by Mumbai-based Credit Analysis & Research Ltd. Standard & Poor’s and Moody’s Investors Service doesn’t rate the company. Aban has surged 26 percent this week, making it the second-best performer in the S&P BSE 500 Index. The shares rose as much as 4.1 percent to 385.45 rupees and traded at 379 rupees as of 11:32 a.m. in Mumbai. This year, Aban has gained 0.2 percent, compared with a 7 percent gain in the S&P BSE Sensex. Eight of Aban’s 18 rigs and drillships are operating in the Gulf, including four in Iranian waters, according to Rigzone.com, which collects data on rig locations. Five rigs are in South Asia, two each in Mexico and Southeast Asia and one in Brazil, according to the company’s website. Aban probably would have struggled to renew contracts for some of the rigs operating off of Iran next year without the easing of sanctions, Jain said. The renewals will help the driller maintain cash flows and revenue, he said. At least three rigs are in the Middle East region, Aban says on its website, without specifying where. It also doesn’t give locations for eight of the rigs. C.P. Gopalkrishnan, deputy managing director of Aban, declined to comment on the company’s debt, rigs and the impact of the U.S.-Iran deal at his office on Nov. 26. 'The risk factor for Iran has reduced significantly with the Iran-U.S. deal as revenue over the next couple of years is now ensured,' said Mayur Matani, a Mumbai-based analyst with ICICIdirect.com, who has a 'hold' rating on the stock. 'The company’s valuation would rise and there are possibly more gains for the stock in the near term.'" (Bloomberg, "Iran Nuclear Deal Offers Aban Help to Cut Costs: Corporate India," 11/29/13)

"India’s National Aluminium Company Ltd (NALCO) (NALU.NS) has put all its overseas projects on hold, including one in Iran, in order to focus on expanding domestic capacity, its chairman said on Monday." (June 5, 2017)

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State-owned major, National Aluminium Company NSE 1.49 % Limited (Nalco) and Iranian Mines & Mining Industries Development Renovation Organization (IMIDRO) have signed a memorandum of understanding (MoU) to jointly explore the possibility of setting up an aluminium smelter in Iran. The signing of the MoU coincides with the visit of prime minister Narendra Modi to Iran. -- (May 25, 2016).  

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"In India, the National Aluminium Co Ltd (NALCO) (NALU.NS) has awarded a sell tender to the Iran Aluminium Company (Iralco), two sources said. The European Union sanctioned Iralco in December 2012 for supplying aluminium to The Iran Centrifuge Technology Co (TESA), which is a subsidiary of the Atomic Energy Organization of Iran (AEOI). Swiss trading giants Trafigura and Glencore Xstrata (GLEN.L) have both supplied alumina to Iralco in the past as part of barter deals in exchange for aluminium, but both halted supplies over new EU sanctions…A senior official at India's mines ministry, under which state-owned NALCO operates, said the government was not looking into the issue but could investigate if required. 'In general, we do not have anything against trade ties with Iran,' the official said. The sale was for 30,000 tonnes of alumina to Iralco and shipments were due to start in August, the sources said...'(The) Indian government is encouraging exports to Iran. There is nothing wrong in NALCO exporting alumina to that country,' a senior company official who declined to be identified due to corporate policy told Reuters. NALCO said last week it planned to raise its alumina exports by 40 percent to 1.4 million tonnes this fiscal year to help India increase dollar inflows as global investors dump emerging market currencies anticipating the gradual end to U.S. stimulus." (Reuters, "China, India raise alumina sales to Iran after sanctions push others out," 8/27/13)

"For the year, the world's third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed... Indian refiners Reliance Industries, Hindustan Petroleum, Bharat Petroleum and HPCL-Mittal Energy Ltd (HMEL) last year resumed imports from Tehran, attracted by the discount offered by Iran." (Reuters, "India's 2016 Iran Oil Imports Hit Record High - Trade," 1/13/2017). 

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"HPCL-Mittal Energy Ltd (HMEL), part-owned by steel tycoon Lakshmi Mittal, plans to stop importing oil from Iran, a company spokesman said, in a move that could hurt Iran and help New Delhi secure a waiver renewal from U.S. sanctions. euters earlier reported that HMEL had emerged as a new client for Tehran and had bought 2 million barrels oil between the start of September and mid-October. HMEL has since bought another 2 million barrels of oil, for its 180,000 barrels per day (bpd) Bathinda refinery in northern Punjab state, which was delivered at end-October by Iranian very large crude carrier Majestic, formerly known as Glory, sources privy to the development said. 'While it is a stated policy of the company not to discuss its crude procurement plan, the recent crude purchased from Iran by HMEL was based on operational requirements during stabilisation of the refinery. HMEL does not plan to buy any more crude from Iran,' an HMEL spokesman said in an emailed response to questions from Reuters . . . HMEL's decision to discontinue buying Iranian oil will be a blow to Tehran, whose exports have already declined sharply under the pressure of sanctions. India is Tehran's second-biggest crude customer . . . HMEL began buying Iranian oil without having a banking mechanism in place to settle Iran payment. The company is now trying to open an account with Turkey's Halkbank (HALKB.IS) to pay for Iranian oil, two industry sources said . . . A second source said HMEL may resume imports in the January-March quarter after India gets its waiver renewed." (Reuters, "HMEL says to halt Iran oil purchases," 11/12/12)

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"HPCL-Mittal Energy Ltd (HMEL) has taken two shipments of Iranian oil since the start of September to maximize margins at its 180,000 barrels per day (bpd) Bathinda refinery in northern India, two sources with knowledge of the deals told Reuters. The purchases came to a total 2 million barrels... Mark Dubowitz, a U.S. lobbyist for tougher sanctions on Iran and head of the Foundation for Defence of Democracies, said HMEL was taking a significant risk in buying this oil... HMEL is part-owned by Indian tycoon Mittal, who heads ArcelorMittal, the world's largest steelmaker. ArcelorMittal produces 35 percent of its steel in the Americas and 47 percent in Europe, according to the company's website. State-run refiner Hindustan Petroleum Corp and Mittal own 49 percent each in the joint venture HMEL... While India's state-run refiners are adhering to the government's verbal order to cut imports from Iran by at least 15 percent, their efforts could be undermined by private refiner Essar and now HMEL... HMEL's oil purchases came on Iran's suezmax vessel Magnolia in September and Lantana in October, said the sources, who declined to be named due to the sensitivity of the issue. Suezmaxes can carry up to 1 million barrels of crude... An HMEL spokeswoman said that, as a policy, the company does not provide details of its crude oil sourcing... In September HMEL bought a million barrels each of Arab Medium and Khafji, while for October it is scheduled to lift 2 million barrels of Arab Medium from the kingdom... 'How HMEL will make its payment is yet to be seen,' said one of the sources." (Reuters, "Exclusive: India's HMEL bought 2 million barrels of Iranian oil: sources," 10/13/2012)