Foreign activity down in Iran energy sector-GAO

Wed Aug 3, 2011 7:20pm GMT

WASHINGTON, Aug 3 (Reuters) - Commercial activity in Iran
by foreign energy firms has fallen in the last year, with the
number of firms investing there in 2011 half the number a year
earlier, a government report showed.
    Sixteen foreign firms were operating in Iran's oil, gas and
petrochemical sectors between Jan. 1, 2010 and May 30, 2011,
down from 41 firms the year before, the U.S. Government
Accountability Office said in a report released on Wednesday.
    Many of the firms that pulled out of Iran in the last year
reported sanctions from the United States and other
organizations led them to cease activity, the GAO said.
    The United States has imposed sanctions to prevent U.S.
companies from investing in energy programs in Iran, and
additional sanctions exist for foreign firms that invest more
than $20 million.
     The GAO also said five of seven companies operating in
Iran between 2005 and 2009 that held U.S. government contracts
had left the country. The remaining two firms, South Korea's
Daelim Industrial (000210.KS: Quote) and Hyundai Heavy Industries
(009540.KS: Quote), hold more than $4 million worth of U.S. government
    Here are the foreign firms operating in Iran's energy
COMPANY                      COUNTRY              SECTOR
Belneftekhim/Belarusneft     Belarus          Oil exploration/
China National Offshore      China            Natural gas
Oil Corp  
China National Petroleum     China            Oil exploration/
Corp                                          production
                                              natural gas
Daelim                       South Korea      Natural gas
Edison                       Italy            Oil exploration/
Hyundai Heavy Industries     South Korea      Refining
INA                          Croatia          Oil exploration/
                                              natural gas
Indian Oil Corp              India            Natural gas
Oil and Natural Gas          India            Oil exploration/
Corp (ONGC)                                   production
                                              natural gas
Oil India                    India            Natural gas
OMV                          Austria          Natural gas
ONGC Videsh                  India            Natural gas
Petroleos de Venezuela SA    Venezuela        Natural gas
Sasol                        South Africa     Petrochemicals
Sinopec                      China            Oil exploration/
Sonangol                    Angola            Natural gas
    (Compiled by Emily Stephenson; Editing by Lisa Shumaker)
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