Oil PSUs to seek legal opinion on impact of sanctions on Iran

DALAT (Vietnam): The Indian government has asked its public sector oil firms to seek legal opinion on the impact of the latest round of US sanctions on Iran on their investment in the Persian Gulf nation, Oil Secretary S Sundareshan said here.

The Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 provides for sanctions against persons, including foreign firms, who invest more than USD 20 million in Iran’s energy sector in any 12-month period.

“These are listed companies pursing opportunities in Iran. There is a need to access the potential impact of sanctions (on these investments),” Sundareshan said. “The companies have been asked to seek legal opinion.”

The new US law targets companies investing, assisting or transferring technology to Iranian oil and gas companies.

The US administration had in May named Oil and Natural Gas Corporation, ONGC Videsh Ltd, Oil India Ltd, IndianOil, Hinduja Group and Petronet LNG among the 41 firms worldwide having energy ties with Iran, an act for which it may impose sanctions on them.

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