Energy

According to its Company Website, IPS ’s Dubai-based member company IPS Trade FZE serves as a base point to “deliver materials to its neighbor countries” including Iran. (IPS BV Group Website, “IPS Group: IPS Trade FZE”) 

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“At this week's annual Oil, Gas and Petrochemical Fair in Tehran, a massive event that attracted 600 foreign companies, Lee said she was here to stay…Behrooz Nateghi, of IPS Group BV, a Dutch purchasing company still operating in Iran's petrochemical, oil and gas industries, said the lifting of sanctions would change the business outlook. Attracting ‘the clients we lost in the past few years’ will be the priority, he said.” (AFP, “China may lose out if Iran oil sanctions lifted,” 5/9/14)

FCE is an official partner of the Iran Rail Expo 2019. (FCE, “Iran Rail Expo 2019”).

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FCE Group (“FCE”) reportedly agreed to exhibit at the 22nd International Oil, Gas, Refining, and Petrochemical Exhibition (the “Exhibition”) that took place in Tehran on May 6-9, 2017. (Iran Oil Show Website, “Exhibition Information”)

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According to its Company Website,  FCE Group attended Iran's 19th annual international Oil, Gas, Refining and Petrochemical Exhibition. (FCE Group Website, “Exhibitions: Iran Oil Show 2014,” 5/6-5/9/14) 

In 2017 and/or 2018, the U.S. states of California, Iowa,  New Jersey and Ohio listed BHEL on its state list of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering BHEL ineligible for investment and/or state contracting.

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“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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According to its Company Website, BHEL concluded a contract with Tehran-based company M/s Tosee Siloha Co. in March 2011. (BHEL Website, “DETAILS OF CONTRACTS CONCLUDED DURING THE PERIOD 01.03.2011 TO 31.03.2011”)

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According to its Company Website, BHEL concluded a contract with Iranian company M/s. jahanparas Group in February 2011. (BHEL Website, “DETAILS OF CONTRACTS CONCLUDED DURING THE PERIOD 01.02.2011 TO 28.02.2011”)

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According to a company spokesperson, in 2008 BHEL received a “significant” order from Iran consisting of a Hydrogen Recycle Gas Compressor. (Company Website, “3rd April, 2008 Press Conference Address by Shri K. Ravi Kumar, Chairman & Managing Director, BHEL on Company’s Performance”)  

In a company brochure, STG lists Iran as among those countries where “it has implemented [its] largest infrastructure projects.” 

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“Russian company STG has signed a contract with Iranian Mines and Mining Industries Development and Renovation company, known as IMIDRO, to produce alumina from Nepheline syenite, Iran's IRNA news agency quoted IMIDRO director Mehdi Karbasian as saying on April 7. Nepheline syenite is used in glass making, ceramics and in pigments and fillers. STG will handle the production and at a later stage transfer the project to the Iranian side, which refused to give the project to any other specialists. ‘Based on the contract, the Russian company will implement the project in 3-4 years,’ Karbasian said.” (Trend, “Russian company inks mineral contract with Iran,” 4/7/14)

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In a 2011 company brochure, STG states that in the past it has completed designs for compressor plants in Havaran and Hadjiabad, Iran. In a separate 2011 brochure, STG states it has completed  “Construction of the Assaluye—Aghajari gas pipeline (62 km)” in Iran.

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According to a 2009 company brochure, STG has a representative office in Iran.

“An Indonesian company is exploring a plan with an Iranian partner to build an oil refinery in Java as the two nations are seeking to boost trade and investment ties after an easing of global economic sanctions on Tehran. PT Kreasindo Resources Indonesia on Tuesday signed a preliminary agreement with Iran's Nakhle Barani Pardis Co. to build the refinery, which will require around $3 billion in investment, either in Banten Province or another location in West Java, said Rudy Radjab, the president of the Indonesian company. Mr. Radjab said the two companies would decide later this year if they will proceed with the plan. Kreasindo plans to hold a 70% stake in the project, which in its initial stage would be able to produce 150,000 barrels a day of crude. Nakhle would hold the remaining 30% and also help supply the crude-oil feedstock. ‘We signed an agreement with Nakhle to supply between 20,000 and 300,000 barrels a day of crude from Iran as we could expand the capacity of the planned refinery to up to 300,000 barrels a day in the future,’ Mr. Radjab told The Wall Street Journal…Indonesia has been inviting investors to build refineries in the country to meet rising domestic demand as a result of robust growth in the past five years. State-owned PT Pertamina currently operates seven refineries across the country, with total capacity of one million barrels a day, or about two thirds of domestic consumption. But its efforts haven't been fruitful, as investors have asked for various tax breaks that the government couldn't provide.” (Wall Street Journal, “Indonesian, Iranian Companies Look to Build Oil Refinery,”  2/11/14) 

“Today the U.S. Department of the Treasury announced actions targeting a diverse set of entities and individuals located around the world for evading U.S. sanctions against Iran, aiding Iranian nuclear and missile proliferation, and supporting terrorism.  These actions reflect the United States’ sustained commitment to continue enforcing our existing sanctions as the P5+1 and Iran work toward a comprehensive solution to address the international community’s concerns over Iran’s nuclear program. ’The global targets designated today play key roles in supporting Iran’s nuclear program and active support for terrorism.  The United States has made clear that as it implements the Joint Plan of Action, contingent on Iran satisfying its own commitments, the overwhelming majority of sanctions remain in effect and will continue to be vigorously enforced,’ said Under Secretary for Terrorism and Financial Intelligence David S. Cohen. Today’s actions target entities and individuals located across the world, operating in Turkey, Spain, Germany, Georgia, Afghanistan, Iran, the United Arab Emirates, and Liechtenstein…Pursuant to E.O. 13608, which targets foreign persons engaged in activities intended to evade U.S. economic and financial sanctions with respect to Iran and Syria, the Department of the Treasury sanctioned Georgia-based Pourya Nayebi, Houshang Hosseinpour, and Houshang Farsoudeh and eight companies owned or controlled by these individuals…Treasury is also imposing sanctions on eight companies located in multiple countries that are owned and/or controlled by Nayebi, Hosseinpour, and Farsoudeh (acting individually or together), including: Caucasus Energy (Georgia), Orchidea Gulf Trading (UAE and/or Turkey), Georgian Business Development (Georgia and/or UAE), Great Business Deals (Georgia and/or UAE), KSN Foundation (Liechtenstein), New York General Trading (UAE), New York Money Exchange (UAE and/or Georgia), and European Oil Traders (Switzerland)…On multiple occasions, these front companies deceived the international financial community, including by generating false invoices in connection with transactions involving designated Iranian banks.“ (U.S. Department of Treasury, “Treasury Targets Networks Linked To Iran,” 2/6/14)

Veolia Environment has numerous divisions around the world, including many in the U.S. Veolia Water, Dalkia-Veolia Energy, and Transdev are among those with U.S. offices. 

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"France will have ‘significant commercial opportunities’ in Iran if sanctions are lifted, but Tehran first has to prove its good faith in abiding by nuclear undertakings, Finance Minister Pierre Moscovici said on Sunday. Moscovici was speaking on LCI television as a French business delegation travelled to the Iranian capital for meetings with officials and business leaders…Over 100 French companies - including both carmakers - are on the are on the delegation. Media reports have said it also includes GDF Suez , Alstom, Veolia Environnement and Safran.” (Reuters, “France sees Iran opportunity if sanctions are lifted - Moscovici,” 2/2/14)

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"Executives from some of France's biggest companies…are slated to fly to Tehran next month—signaling a fresh wave of corporate interest in Iran as the West eases sanctions. Details of the high-level business trip are emerging after Iran and Western powers completed the terms of an interim nuclear deal on Sunday, with Tehran agreeing to closer international monitoring of its nuclear program in exchange for limited, temporary sanctions relief. The deal specifically eases restrictions related to Iran's aviation, auto and petrochemicals industries…Veolia Environnement said Didier Authier, a vice president for a subsidiary specializing in desalination projects, is joining the delegation.”  (Wall Street Journal, “French Companies Explore Return to Iran Amid Sanctions Thaw,” 1/13/14)

GDF Suez is listed on the March 1, 2022 Report to the New Jersey Legislature Iran Divestment as a prohibited company.

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"French gas and power group Engie (ENGIE.PA) said on Friday it would end its engineering contracts in Iran by November. Engie CEO Isabelle Kocher said at a shareholders’ meeting that the utility has no infrastructures in Iran but has engineering teams working there for clients. “We have 180 days to end these contracts, which takes us to November. It will be done,” she said." (5/18/2018)

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A Senior VP for International Development is listed as a speaker at the Iranian Water Summit taking place on September 27, 2016, in Tehran, Iran. (Agenda).

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GDF Suez maintains a vast U.S. presence. First Light Power Resources, GDF SUEZ Energy North America, GDF SUEZ Energy Resources NA, and Think Energy, all located in the U.S., are listed as “groups” on the GDF Suez website.

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“Iran [welcomes] the most senior French trade delegation in years on Monday, telling more than 100 executives that the farsighted among them stood to win the race for business following an easing of some economic sanctions…’A new chapter has begun in relations between Iran and Europe,’ Mohammad Nahavandian, President Hassan Rouhani's chief of staff, was quoted as saying by the official IRNA news agency. ‘You should carry the message back that potential for cooperation with Iran is real and not to be overlooked,’ he told the delegation. ‘Those with longer foresight stand to win this race.’ The delegation of more than 100 executives from Medef, the French employers' association, on a Feb 2-5 trip, met Nahavandian and members of Iran's Chamber of Commerce, Industries, Mines and Agriculture, IRNA said. A source close to the delegation told Reuters it was the most senior group of entrepreneurs and financiers to visit Iran since the 1979 revolution, representing the defence, aviation, petrochemicals, automotive, shipping and cosmetics sectors. Among companies represented were Safran, Airbus, Total, GDF-Suez, Renault, Alcatel, Alstom, Amundi and L'Oréal, the source said. ‘Many of these firms have worked in Iran before and their goal now is to restore links,’ the source said. ‘The very makeup of the delegation shows these people are here to evaluate potential for cooperation.’ A French embassy source in Tehran said the visit was merely exploratory and ‘nothing is to be signed this time around.’” (Reuters, “Iran welcomes French business chiefs after sanctions eased,” 2/3/14)

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"Executives from some of France's biggest companies, including energy giants GDF Suez SA and Alstom SA, are slated to fly to Tehran next month—signaling a fresh wave of corporate interest in Iran as the West eases sanctions. Details of the high-level business trip are emerging after Iran and Western powers completed the terms of an interim nuclear deal on Sunday, with Tehran agreeing to closer international monitoring of its nuclear program in exchange for limited, temporary sanctions relief. The deal specifically eases restrictions related to Iran's aviation, auto and petrochemicals industries…Power company GDF Suez said it was sending Dominique Simonneau, a member of its executive committee and director of European and international relations. Until 2010, the group worked with Iran's National Iranian Oil Co., or NIOC, to assess the country's hydrocarbon reserves.” (Wall Street Journal, “French Companies Explore Return to Iran Amid Sanctions Thaw,” 1/13/14)

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)

Tri-Ocean Energy is a subsidiary of Egypt Kuwait Holding

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The Tri-Ocean Energy Website lists the U.S. as a location for "Projects Under Study"

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"The Syrian government of President Bashar al-Assad has received substantial imports of Iraqi crude oil from an Egyptian port in the last nine months, shipping and payments documents show, part of an under-the-radar trade that has kept his military running despite Western sanctions…Dozens of shipping and payment documents viewed by Reuters show that millions of barrels of crude delivered to Assad's government on Iranian ships has actually come from Iraq, through Lebanese and Egyptian trading companies. The trade, which is denied by the firms involved, has proven lucrative, with companies demanding a steep premium over the normal cost of oil in return for bearing the risk of shipping it to Syria. It also highlights a previously undisclosed role of Egypt, Iraq and Lebanon in Assad's supply chain, despite those countries' own restrictions on assisting his government. Both the Syrian national oil company that received the oil, Sytrol, and the Iranian shipping operator that delivered it, the National Iranian Tanker Co (NITC), are on U.S. and EU sanctions lists barring them from doing business with U.S. or European firms, cutting them off from the U.S. and EU financial systems and freezing their assets…At least four firms from third countries that were added to the U.S. Treasury's sanctions list for Iran when it was last updated on Dec. 12 were punished specifically 'for providing material support to NITC,' the Treasury said. ’We have been very focused on targeting Iranian attempts to aid the Assad regime through economic as well as military means,’ said a Treasury Department spokesman. He declined to comment on the specific activities described in the documents reviewed by Reuters but said companies and individuals had been added to the sanctions list for similar types of activity…The documents refer to at least four shipments by four tankers named Camellia, Daisy, Lantana and Clove, each of which is operated by Iran's NITC and, say the documents, carried Iraqi oil from Egypt's Mediterranean port of Sidi Kerir to Syria. According to the documents, Beirut-based trading firm Overseas Petroleum Trading (OPT) invoiced Syria for arranging at least two of the shipments and was involved in a third, while a Cairo-based firm, Tri-Ocean Energy, was responsible for loading Iraqi oil into at least one. Both OPT and Tri-Ocean denied any involvement in the Syria trade, declining to offer an alternative explanation for what the documents and ship tracking data show. An EU country government source said Tri-Ocean is already under scrutiny by the United States for suspected violations of sanctions against Iran, giving no further details. The U.S. Treasury spokesman declined to comment on specific investigations…Egyptian oil firm Tri-Ocean Energy, which has brokered deals for OPT in the past, loaded at least one cargo of Iraqi crude onto an Iranian tanker that was delivered into Syria by OPT at the end of May, according to the documents, which say the oil was delivered to Syria on the Iranian tanker Clove on May 26. Tri-Ocean's senior trading director Ali Tolba denied in an email that his company supplied Syria with crude or had loaded Iraqi oil onto Iranian tankers. He and Tri-Ocean's CEO, Mohammed el-Ansary, did not respond to a request from Reuters to review the documents seen by Reuters. Syria's Sytrol did not respond.” (Reuters, “RPT-EXCLUSIVE-Assad's secret oil lifeline: Iraqi crude from Egypt,” 12/24/13)