Firms Reported in Open Sources as Having Commercial Activity in Iran’s Oil, Gas, and Petrochemical Sectors, GAO-11-855R, August 3, 2011
“Using open source information, we identified 16 foreign firms that had commercial activity in Iran’s oil, gas, and petrochemical sectors from January 2010 through May 2011, including 2 firms not listed in our prior report. According to our review of reliable open sources, foreign firms have significantly decreased commercial activity in Iran’s oil, gas, and petrochemical sectors since we last reported. Twenty of the 41 firms listed in our 2010 report declared in their public reporting or in letters to GAO, which were also confirmed by State, that they have withdrawn or are withdrawing from commercial activity in Iran’s energy sector. The companies that withdrew from Iran cited several reasons for ceasing activity, including sanctions imposed by the U.S. government, as well as other international organizations, and the difficulty associated with conducting business with Iran. According to Oil and Gas Journal, Iran’s oil production could fall by more than 25 percent over the next 5 years because of a lack of investment in the country’s energy sector. Using open source information, we identified 16 foreign firms that had commercial activity in Iran’s oil, gas, and petrochemical sectors from January 2010 through May 2011, including 2 firms not listed in our prior report. According to our review of reliable open sources, foreign firms have significantly decreased commercial activity in Iran’s oil, gas, and petrochemical sectors since we last reported. Twenty of the 41 firms listed in our 2010 report declared in their public reporting or in letters to GAO, which were also confirmed by State, that they have withdrawn or are withdrawing from commercial activity in Iran’s energy sector. The companies that withdrew from Iran cited several reasons for ceasing activity, including sanctions imposed by the U.S. government, as well as other international organizations, and the difficulty associated with conducting business with Iran. According to Oil and Gas Journal, Iran’s oil production could fall by more than 25 percent over the next 5 years because of a lack of investment in the country’s energy sector. , GAO-11-855R, August 3, 2011.
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