BP's form 20-F filed with the SEC for fiscal year 2021 states: "To our knowledge, none of BP's activities, transactions or dealings are required to be disclosed pursuant to ITRA Section 219, with the following possible exception. On 17 July 2018, BP Iran Limited terminated its lease of an office in Tehran. The office had been used for administrative activities. In 2021, taxes with an aggregate US dollar equivalent value of approximately $1,600 were paid from a BP trust account held with Tadvin Co. to Iranian public entities. No gross revenues or net profits were attributable to these activities."
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"An oil tanker run by BP Plc is being kept inside the Persian Gulf in fear it could be seized by Iran in a tit-for-tat response to the arrest by Gibraltar last week of a vessel hauling the Islamic Republic’s crude. The British Heritage, able to haul about 1 million barrels of oil, was sailing toward Iraq’s Basrah terminal in the south of country when it made an abrupt u-turn on July 6." (Bloomberg, "BP Oil Tanker Shelters in Persian Gulf on Fear of Iran Retaliation, " 4/8/2019).
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According to its 2019 SEC disclosure, BP reported the following: "To our knowledge, none of BP’s activities, transactions or dealings are required to be disclosed pursuant to ITRA Section 219, with the following possible exceptions:
- Prior to 30 November 2018, Rhum, located in the UK sector of the North Sea, was operated by BP Exploration Operating Company Limited (BPEOC), a non-US subsidiary of BP, and Rhum was owned under a 50:50 unincorporated joint arrangement between BPEOC and Iranian Oil Company (U.K.) Limited (IOC) which was initially established in 1974. During 2018, BP recorded gross revenues of $177.3 million related to its interests in Rhum. BP had a net profit of $87.7 million for the year ended 31 December 2018.
- BP has sought to carry out its role as operator of the Rhum joint arrangement in compliance with US sanctions and has obtained a series of specific OFAC licences relating to the ongoing operation of the Rhum field.
- In November 2017, BPEOC entered into an agreement with IOC for the sale and purchase of an IOC entitlement to Forties blend crude oil. The parties agreed to set off the purchase price - £29.89 million ($39.88 million equivalent) - against IOC’s share of operating costs incurred or to be incurred by BPEOC as operator of the Rhum field under the Rhum joint operating agreement. 604,976 net barrels of Forties blend crude oil was loaded at a North Sea terminal in January 2018 and delivered to BP’s Rotterdam refinery. Upon delivery at BP’s Rotterdam refinery, the Forties blend crude oil was comingled with other products for refining, and therefore BP is unable to ascertain an amount of gross revenue or gross profit attributable to it.
- During 2018, BPEOC received £223,693 ($298,456 equivalent) (net of tariffs) from BPEOC Forties Pipeline System in respect of monies owed to IOC in relation to the purchase of IOC’s share of Onshore Raw Gas at the Kinneil terminal of the Forties Pipeline System. BP and IOC agreed to set off the £223,693 ($298,456 equivalent) against IOC’s share of operating costs incurred or to be incurred by BPEOC as operator of the Rhum field under the Rhum joint operating agreement.
- During 2018, BPEOC received £2.79 million ($3.73 million equivalent) (net of tariffs) from a non-US third party in respect of the sale to such non-US third party of certain NGLs redelivered from the St Fergus terminal. These NGLs had been acquired by BPEOC from IOC at the St. Fergus terminal. BP and IOC agreed to set off the £2.79 million ($3.73 million equivalent) against IOC’s share of operating costs incurred by BPEOC as operator of the Rhum field under the Rhum joint operating agreement.
- As noted above, on 30 November 2018, BP completed the sale of its ownership stake in the Rhum joint arrangement and transferred its role as operator to Serica. Prior to the sale, on 5 October 2018, Serica and BP received a conditional licence from OFAC relating to the ongoing operation of the Rhum field. The licence was valid until 31 October 2019 and was conditional upon arrangements being put in place before 5 November 2018 relating to the interests in Rhum held by IOC. An updated licence from OFAC on substantially the same terms and a letter of comfort permitting all non-US persons to support Rhum activities in compliance with US secondary sanctions were issued on 2 November 2018. On the same date the conditions in such OFAC licence in respect of the interest in Rhum held by IOC were met in full. These conditions were satisfied through arrangements which provide that all benefits accruing from and relating to IOC’s interest in Rhum will be held in escrow, by a trust and management company (Rhum Management Company) set up for this purpose, for such period as US sanctions apply. The arrangements are designed to ensure that neither IOC nor any direct or indirect parent company of IOC (including any member of the Government of Iran) will derive any economic benefit from Rhum, or exercise any decision-making powers in respect of Rhum, during that period. From satisfaction of the OFAC licence conditions on 2 November 2018, BP dealt with the Rhum Management Company in respect of Rhum joint venture matters.
- In December 2018, BP made a cash transfer of £2.69 million ($3.59 million equivalent) to Rhum Management Company. This transfer represented the net amount of IOC funds in the Rhum joint venture account which had not, to that date, been set off against IOC’s share of operating costs incurred by BPEOC as operator of the Rhum field under the Rhum joint operating agreement.
- BP does not expect to enter into any further similar arrangements with IOC or any member of the Government of Iran in relation to the Rhum field. BP will continue to purchase from Serica’s liftings from Rhum or provide services to Serica as the operator of Rhum.
- On 17 July 2018 BP Iran Limited terminated its lease of an office in Tehran. The office had been used for administrative activities. In 2018, taxes, including rental tax payments associated with the Tehran office, with an aggregate US dollar equivalent value of approximately $11,000, were paid from a BP trust account held with Tadvin Co. to Iranian public entities. No gross revenues or net profits were attributable to these activities.
- During 2018, certain BP employees visited Iran for the purpose of meetings with Iranian government officials and other Iranian nationals and attending conferences. Payments were made to Iranian public entities for visas and taxes in relation to such visits with an aggregate US dollar equivalent value of approximately $3,000. In addition, certain BP employees met with Iranian government officials and other Iranian nationals outside of Iran. No gross revenues or net profits were attributable to these activities, save where otherwise disclosed. BP will continue to monitor and assess business opportunities in Iran which are compliant with EU and US laws applicable to BP including potentially attending meetings in connection with this purpose." (SEC, "20-F," 3/29/2019).
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"BP has stopped work on the Rhum gas field in the North Sea, which it has a 50-percent stake in, sharing it with the National Iranian Oil Company. The company cited the reintroduction of US sanctions against Tehran as the reason." "BP suspends work on gas field shared with Iran," RT, May 31, 2018.
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“BP has decided to defer some planned work on the Rhum gas field in the North Sea while we seek clarity on the potential impact on the field of recent US government decisions regarding Iran; Rhum is co-owned by an Iranian company. BP always complies with applicable sanctions.” (May 23, 2018).
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European oil companies could be particularly hit - French company Total signed a $5bn deal with Iran after the agreement, while BP has a joint venture to operate the Rhum gas field with Iran's state oil company. (May 11, 2018).
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In 2017, the U.S. states of Iowa and South Carolina listed BP on its state list of Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering BP ineligible for investment and/or state contracting.
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Nov 2017 – “London-based BP this week agreed to sell to North Sea producer Serica Energy three fields in the aging offshore basin, including the Rhum field which is co-owned by a subsidiary of Iran’s national oil company.”
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"BP and Iran's state-run oil company received a license from the U.S. Treasury last year to operate their joint gas field in the North Sea following the lifting of Western sanctions on Tehran, BP said on Thursday. Production at the Rhum field was suspended in 2010 when Europe imposed sanctions on Iran over its nuclear program and only resumed four years later after Britain agreed to set up a temporary management scheme whereby all revenue due to Tehran would be held until sanctions were lifted. Following the removal of European Union and United Nations sanctions on Iran in January 2016, the temporary management scheme ceased. Iran regained control of its stake and on Sept. 29, 2016 BP obtained a license from the U.S. Treasury, through its sanctions enforcement arm - the Office of Foreign Asset Control (OFAC), to continue operations at the field, BP said in its 2016 annual report." (Reuters, "U.S. Granted BP License To Operate Joint North Sea Field With Iran," 4/6/2017).
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"BP has opted out of the first wave of agreements to develop oil and gas reserves in Iran after the lifting of international sanctions - setting it apart from its two biggest European rivals Royal Dutch Shell and Total... BP has not applied to take part in a forthcoming tender of exploration and production rights in Iran, according to people briefed on the matter, and has no immediate plans for separate agreements of the kind reached by Shell and Total. These people said the main reason was commercial. "It's a question of where the best returns on investment can be made and BP has plenty of attractive opportunities elsewhere," said one. However, these people acknowledged the continued existence of some US sanctions against Iran - and the prospects of a hardline stance against Tehran by the Trump administration - was a particular deterrent for BP. Although based in the UK, BP has the biggest US exposure of any European oil group; about 40 per cent of its shareholders and 30 per cent of its employees are American, including Bob Dudley, chief executive." (Financial Times, "BP Opts Out of Iran Deals Ahead of Trump Hard Line on Tehran," 1/2/2016).
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"The National Iranian Oil Company has signed new spot oil export contracts with BP and the Anglo-Dutch Royal Dutch Shell to provide them with oil and gas condensates, director for international affairs at NIOC said on Wednesday... A spot contract is a deal for buying or selling a commodity for settlement (payment and delivery) on the spot date, which is normally two business days after the trade date. A spot contract is in contrast with a forward contract where terms are agreed now but delivery and payment will occur at a future date." (Financial Tribune, "Iran Signs Spot Contracts with Shell, BP," 12/29/2016).
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"BP has created a new executive committee to explore business in Iran which will exclude its American chief executive Bob Dudley in a bid to avoid potential violations of U.S. sanctions still in place. The new committee is headed by BP's chief financial officer Brian Gilvary, who is a British national. Gilvary will coordinate the oil major's operations in Iran and any discussions with the country's national oil company, according to industry sources. The move highlights the lengths to which multinationals will go to exploit lucrative new business in Iran, which is only slowly emerging from years of isolation that crippled the OPEC member's energy-reliant economy... BP's new executive committee also includes Bernard Looney, upstream chief executive, who is Irish, Dev Sanyal, chief executive of alternative energy and executive vice president, regions, an Indian national, and General Counsel Rupert Bondy, a Briton. "The separate governance structure does not involve Bob or any other U.S. citizens and was set up for Bob's own protection," one source said... Last month, Dudley said: "Iran is a large oil and gas province "... We're going to have to be very careful. We don't want to violate any sanctions." (Reuters, "Exclusive: BP ring-fences CEO Dudley from Iran decision-making," 11/22/2016).
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"Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year. Iran has found interest for its crude in some unusual places in the past few months as it continues it diversify its list of buyers. Earlier this month it agreed to sell 1 million barrels of crude oil to Hungary via Croatia as it seeks to widen its post-sanctions customer base, which now includes cargoes sold to oil major BP, France's Total, Greece's Hellenic Petroleum, Spain's Repsol and Cepsa, Russia's Lukoil, Poland's Grupa Lotos, Portugal's Petrogal and Italy's Saras and Iplom. Iran said it has held talks with Bosnia and Herzegovina this week as it hopes to expand its list of crude oil export destinations. However, its shipments to Asia remain the pillar of its export market." (Platts, "Analysis: Iran eyes new crude oil buyers, Asia remains linchpin," 11/1/2016).
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"Iran’s state-owned oil company sold condensate to BP Plc for the first time since sanctions were lifted in January, marking the country’s re-emergence as one of the world’s top suppliers of crude oil and natural gas liquids. National Iranian Oil Co. will supply South Pars condensate to BP for loading between September and October, said an NIOC official, asking not to be identified because of internal policy. The shipment may be used by one of BP’s own refineries or resold to other users, the official said by phone." (Plc for the first time since sanctions were lifted in January, marking the country’s re-emergence as one of the world’s top suppliers of crude oil and natural gas liquids. National Iranian Oil Co. will supply South Pars condensate to BP for loading between September and October, said an NIOC official, asking not to be identified because of internal policy. The shipment may be used by one of BP’s own refineries or resold to other users, the official said by phone." (Bloomberg, "Oil Major BP Buys First Iranian Oil Since Sanctions Eased," 10/5/2016).
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"'A cargo of one million barrels of natural gas condensate was delivered to BP,' Mohsen Ghamsari was quoted as saying by Iran's semi-official Mehr news agency. 'So far NIOC has sold two cargos of crude oil and gas condensate to two British companies,' Ghamsari said, without naming the second company... Ghamsari said negotiations are underway for NIOC to sign long-term contracts with BP and Royal Dutch Shell, Mehr reported." (Retuers, "Iran sells first cargoes of oil, condensate to British companies - Mehr news," 10/3/2016).
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"Iran's oil minister met BP PLC and Total SA on Wednesday, in a sign of renewed interest for the country's oil sector. International sanctions ban Western oil companies from entering Iran's oil fields. Earlier this week, Tehran failed to reach a final nuclear agreement with world powers, which could have eased such restrictions. Speaking to reporters, Iranian oil minister Bijan Zanganeh said he met representatives of BP PLC--the first such reported meeting with the British oil giant--and France's Total SA to discuss a possible entry in the country. Total, which was represented by new Chief Executive Officer Patrick Pouyanne, and BP have both previously said they won't work in Iran unless sanctions are lifted. Separately, Mr Zanganeh also met Vagit Alekperov, president of Russian oil giant Lukoil. Speaking to reporters, Mr. Alekperov said that 'as soon as sanctions [are] lifted, we are hoping [to] enter' the country. He also said Lukoil would like to participate in bidding round for new oil contracts which is due early next year, but which has been postponed several times." (Dow Jones, "Iranian Oil Minister Meets With BP, Total and Lukoil," 11/26/14)
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“Multiple companies currently exploring new business ventures in Iran are also cashing in on highly lucrative contracts with the U.S. Defense Department, raising questions about whether their dealings with Iran could run afoul of U.S. law. At least 13 major international companies have said in recent weeks that they aim to reenter the Iranian marketplace over the next several months. The companies have received Pentagon contracts totaling well over $107 billion, according to a Washington Free Beacon analysis that tracked DoD contracts awarded since fiscal year 2009. Many of the companies, which include carmaker Renault and oil giants such as BP, have already sent high-level trade delegations to Tehran to meet with Iranian officials about striking new business deals…Renault, for instance, resumed shipping car parts to Iran in January of this year. The French automaker has received at least $111,170 from the Pentagon, according to publicly available data. BP representatives reportedly attended an Iran oil investor conference that included Iranian President Hassan Rouhani and the country’s oil minister.” (Washington Free Beacon, “Pentagon Contractors Exploring Business with Iran,” 2/25/14)
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"Iran will have a new, attractive investment model for oil contracts by September, its president and oil minister told some of the world's top oil executives here on Thursday, part of its drive to win back Western business. Iranian President Hassan Rouhani and Oil Minister Bijan Zanganeh said their new administration was keen to open up to Western investments and technology, executives who attended the meeting said. They also stressed the importance of fossil fuel, with global energy demand rising. ‘The fact that the president of Iran came to the meeting today... is clearly a sign that Iran wants to open up to international oil companies,’ said Paolo Scaroni, chief executive of Italy's Eni, who was at the meeting. ’It was an impressive presentation,’ said one of three further oil executives who were at the meeting and spoke with Reuters on condition of anonymity. ’They said they are working on a new model to work with investors and are happy to see us,’ he added. ‘They not only need money but technologies. They are happy to have consultations about how new contracts shall work. They want to decide on the model by September.’ ’The message was - look at us, our geological risks are minimal, reserves are huge, come and we will create competitive terms and you will be happy. Your return on investments will be acceptable,’ another executive said. Along with ENI, France's Total, Britain's BP , LUKoil and GazpromNeft from Russia, and several other companies were present.” (Reuters, “Iran lures oil majors with new contracts pledge,” 1/23/14)
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“For foreign firms, the biggest prize in Iran is undoubtedly its sanctions-crippled oil and gas sector. ’Iran clearly has huge resources. Its production has been curtailed in recent years,’ oil company BP said in a statement. ‘It clearly has a lot of potential.’ It cautioned, however, that ‘this is likely to be a very complicated political process.’” (AP, “European businesses rushing to find Iran bonanza,” 1/22/14)
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"Speaking to reporters ahead of a meeting of the Organization of the Petroleum Exporting Countries, Iran's oil minister, Bijan Zanganeh, said, 'We have no limitations for U.S. companies.' Asked who he would like to see return or enter Iran, he named European giants Total SA, Royal Dutch Shell PLC, Eni SpA, Statoil ASA and BP PLC...'I am talking to some of them,' he said, without saying which...BP's name stands out in this group of European companies because it didn't enter Iranian projects after the Islamic Revolution. BP's predecessor company, Anglo-Iranian Oil, played a controversial role under the previous regime of the Shah." (Wall Street Journal, "Iran Wants U.S. Companies to Develop Oil Fields," 12/4/13)
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"Britain could be close to agreeing a deal to ease sanctions that have stopped gas production from the North Sea's Rhum field, jointly owned by BP (BP.L) and the National Iranian Oil Co., the Mail on Sunday newspaper said.Production from the field, which once supplied 5 percent of Britain's gas output, has been suspended since 2010 as a result of international sanctions against Iran. But with signs of a thaw in relations between Iran and the West, the government now hopes to win agreement from the European Union and the United States for a sanctions waiver in the near future, the newspaper said, citing people close to the talks. One stumbling block to a deal, however, could be concerns from companies involved in financing and servicing the field that any exemption for the producers would not fully protect them from legal action, it added . . . A spokesman for BP declined to comment on the possibility of a waiver being granted. 'As operator of the field our priorities are two-fold - to ensure the field remains safe and that we remain compliant with the law,' he said. 'It is up to the government to decide on the longer-term options.'" (Reuters, "Britain pushing to ease sanctions on BP gas field," 9/22/12)
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"The U.K. government is in talks with the U.S. and the European Union over a possible exemption to Iranian sanctions that would allow BP BP.LN +0.03% PLC to restart a North Sea natural gas field partially owned by a Tehran-controlled company…BP's Rhum field, in the North Sea, is 50% owned by an affiliate of Iran's state oil company. BP closed it in 2010 amid tightening U.S. and EU sanctions aimed at stopping Iran's nuclear program. It is unclear exactly what shape the possible exemption might take, or whether a deal will be reached in the end. But recent efforts stem from newly adopted EU regulations, which allow exemptions under specific conditions. 'The BP gas field could be exempted from sanctions under an EU Council Regulation adopted in December 2012 amending previous regulation on restrictive measures against Iran,' an EU spokeswoman said. The spokeswoman declined to comment on talks over the exemption. 'We are working with the EU to ensure the long-term security of the Rhum North Sea gas field and will be making an announcement on this in due course,' said a spokeswoman for the U.K.'s Department of Energy and Climate Change. A spokeswoman for the U.S. State Department confirmed discussions had been held with the British government on the issue, but declined to provide details…Rhum is 50% owned by IOC UK, which is controlled by the state-owned National Iranian Oil Co., via a Malaysia-based unit. It was producing around 5.4 million cubic meters of gas a day before it was shut down in 2010, according to BP. That is about 5% of current U.K. output. The joint venture was set up in 1973 when Iran was still ruled by the Shah. Gas was discovered in the field in 1977, but because of the technically challenging nature of the reservoir, it only started producing in 2005. EU officials say it is the only Western-Iranian joint venture of its kind in the bloc." (Wall Street Journal, "U.K. Seeks Exemption From Iranian Sanctions for BP Gas Field," 9/16/13)
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"Several western oil companies also supply jet fuel to the airport - Royal Dutch Shell, BP and Chevron - but they say they source it outside the UAE and in full compliance with sanctions on Iran." (Reuters, "Dubai flights rely on fuel refined from Iranian oil," 4/24/2013)
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"Naftiran owns a 10 percent stake in the Shah Deniz project in Azerbaijan which is co-led by BP and Norway's Statoil and which is estimated to contain 1.2 trillion cubic meters of gas." (Reuters, "EU sanctions target Iran oil, gas, tanker companies," 10/16/2012)
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"Reuters has learned that on February 1, [Iranian oil-trading firm] Naftiran Intertrade increased its holding in British oil giant BP Plc by 1.85 million shares. It now holds a stake worth more than $190 million (121 million pounds). In addition to the shareholding, the Iranian company's ties to BP include the Rhum gas field in the North Sea, a venture that's now suspended due to sanctions. It also has active projects like a gas field with BP in Azerbaijan, and an investment with Royal Dutch Shell in fuel distribution in Senegal . . . A spokesman at BP said the company would not comment on individual shareholders. 'However we regularly review and take legal advice to ensure our compliance with sanctions legislation. We remain confident that BP is in full compliance with all applicable sanctions regimes including UN, EU regulations and US law, and will remain in compliance,' he said. 'We continue to monitor the situation closely' . . . Under the European sanctions, if a corporate entity is believed to have reasonable cause to suspect that it may be making funds available - either directly or indirectly - to someone on the sanctions list, British or European authorities could investigate or even prosecute." (Reuters, "Special Report - For Iran oil trader, Western ties run deep," 2/16/12)
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"Refiners in South Africa include Shell, BP, Total, Chevron, petrochemicals group Sasol , and Engen, majority-owned by Malaysian state oil group Petronas. BP, Chevron, Sasol and Engen said earlier this year that they have either stopped or were not sourcing any Iranian crude. Trade data from March showed, however, that imports of Iranian crude had gone up from the previous month." (Reuters, "S.Africa keen to replace Iranian crude with Nigerian," 5/24/2012)
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"While some open sources reported that BP sold gasoline to Iran in 2009 or 2010, other open sources reported that BP stopped selling gasoline to Iran in 2008." (U.S. Government Accountability Office, Report: "Firms Reported in Open Sources to Have Sold Iran Refined Petroleum Products between January 1, 2009 and June," September 3, 2010)
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BP continues to be actively engaged in the Iranian petroleum industry through joint ventures with Iranian oil companies. BP is currently partnering with the Iranian governmental-controlled Naftiran in the North Sea and Azerbaijan; these projects are worth over $2.4 billion per year (Time Magazine, "Sleeping with the Enemy: BP's Deals with Iran", 6/18/2010).
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"Still, given all the controversy over Iran's nuclear program, many companies decline to discuss their Iranian oil purchases. Companies like Shell and BP have said they have stopped selling gasoline to Iran.
But they rarely mention that they continue to buy crude or other Iranian oil products, which generally is a much larger and more lucrative business than gasoline deliveries" (The Wall Street Journal. "Oil Trade with Iran Thrives Discreetly," 5/20/10).
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"BP, in a 2009 filing with the Securities and Exchange Commission, said it had interests in and was the operator of two fields and a pipeline located outside Iran in which the National Iranian Oil company had an interest. The company also said in the filing that it buys small quantities of crude oil from Iran for sale to third parties in Europe and for its own refineries in South Africa and Europe and, through a joint venture, blends small quantities of lubricants for sale there. In addition, BP was one of several companies that provided Iran with gasoline, but Toby Odone, a spokesman for BP in London, said the company decided in 2008 to cease such shipments." The company was alloted 3.5 million acres from the US government for their business in Iran during 2000-20009. Their investments in Iran are currently active. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)
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"An AP review of corporate SEC filings found dozens of companies that have done business in Iran in recent years or said their products or services may have made it there through other channels. Some are household names: PepsiCo, Tyson Foods, Canon, BP Amoco, Exxon Mobil, GE Healthcare, the Wells Fargo financial services company, Visa, MasterCard and the Cadbury Schweppes candy and beverage maker." (Associated Press, "From bull semen to bras, Iran still buys American," July 9, 2008)
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"In recent months, Iran has, according to the respected trade publication International Oil Daily and other sources including the U.S. government, purchased nearly all of this gasoline from just five companies, four of them European: the Swiss firm Vitol; the Swiss/Dutch firm Trafigura; the French firm Total; British Petroleum; and one Indian company, Reliance Industries." (Orde F. Kittrie, Op-Ed, "How To Put The Squeeze On Iran," The Wall Street Journal, November 13, 2008)
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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the internet in July of 2007)
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"Last Friday, Thyssen-Krupp, a steel-making conglomerate, said a representative of Iran - the company's third biggest shareholder - no longer would hold a seat on its supervisory board. In remarks to shareholders, Thyssen-Krupp supervisory board chairman Gerhard Cromme said he regretted having to remove the Iranian, but failure to do so would have created considerable economic disadvantages for the company. Thyssen-Krupps move came as BP chief executive officer John Browne reiterated that the oil company would refrain from exploring business opportunities in Iran." (The Globe and Mail, "Two big EU firms ease ties with Iran," January 28, 2005)