As Oil Giants Gather in Tehran, UANI Warns About Revolutionary Guard’s Grip on The Industry

As Oil Giants Gather in Tehran, UANI Warns About Revolutionary Guard’s Grip on The Industry

As oil giants gather this week in Tehran for the Iran Oil Show, United against Nuclear Iran is warning global oil and gas companies that entering the Iranian market is risky business. UANI has launched an international campaign targeting hundreds of companies who are pursuing deals with Tehran, including 10 of the top oil and gas companies worldwide.

‘The lead organizer of the 2016 Iran Oil Show is the National Iranian Oil Company (NIOC), which the U.S. Treasury Department has determined to be an ‘agent or affiliate’ of the Islamic Revolutionary Guard Corps (IRGC), a terrorist organization sanctioned by the United States and the international community,’ said UANI Chairman, Sen. Joseph I Lieberman and UANI CEO, Ambassador Mark D. Wallace. ‘Any international company participating in this forum could find themselves entangled by the complex web of front companies run by the IRGC.’

Despite this troubling news, some companies are signaling ambitious new plans to expand their footprint in Iran’s oil and gas sector. The head of the NIOC said he met this week with representatives from two other companies included in UANI’s campaign: BP and Royal Dutch Shell, according to news reports.

‘With vast swathes of Iran’s oil and gas sector dominated by the IRGC, these corporations are subject to a complex patchwork of sanctions and regulations,’ the UANI leaders said. ‘The world’s companies still face profound reputational and financial risks associated with doing business with Iran.’