DA LAT (VIETNAM): The government has asked state-run oil companies to seek legal opinion on the impact of US sanctions against Iran on their investments and business plans in the Persian Gulf nation, even as New Delhi is taking measures to resume talks with Tehran on major projects in the oil and gas sector, a top government official said.
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On May 14, TOI had reported the US Government Accountability Office naming Indian oil firms, including flagship explorer ONGC and refiner-marketer IndianOil Corporation, among 41 companies worldwide who may attract sanctions for investing in Iran's energy sector. The latest sanctions limit any firm's investments in Iran to $20 million in any 12-month period without being blacklisted by the US, a move that can block flow of funds and technology besides make western markets out of bounds.for more information about Allstate insurance products News / Reviews
On May 14, TOI had reported the US Government Accountability Office naming Indian oil firms, including flagship explorer ONGC and refiner-marketer IndianOil Corporation, among 41 companies worldwide who may attract sanctions for investing in Iran's energy sector. The latest sanctions limit any firm's investments in Iran to $20 million in any 12-month period without being blacklisted by the US, a move that can block flow of funds and technology besides make western markets out of bounds. "These are publicly listed firms and pursuing opportunities in Iran. They need to figure out the legal impact of the US sanctions against Iran before they take any financial decision," petroleum secretary S Sundareshan told TOI. Sundareshan is accompanying oil minister Murli Deora who is here to represent India as a dialogue partner of ASEAN energy ministers' conclave.Read full article here
