Presence in Iran, Sudan may affect US plans: ONGC | business | Hindustan Times
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Presence in Iran, Sudan may affect US plans: ONGC

business Updated: Sep 04, 2012 23:50 IST

Reuters
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Oil and Natural Gas Corp's (ONGC's) plans to develop a gas field in Iran are in the balance as the company's exposure to the sanctions-hit country may hit aspirations for US energy assets, chairman Sudhir Vasudeva said on Tuesday.

"We are present in Iran and Sudan," said Vasudeva.

"Because of this there are restrictions. We are trying to find ways to circumvent that. For any opportunity in the USA, we will have to address the law of the land."

Western sanctions against Iran's disputed nuclear programme are aimed at stemming revenues of the Organisation of Petroleum Exporting Countries (OPEC) member through sales of crude and bar institutions dealing with Iran's central bank from the US financial system.

Mangalore Refinery and Petrochemicals Ltd, a subsidiary of ONGC, is one of the key Indian oil clients of Iran.

ONGC is in talks with the Iranian government to develop the Farzad B gas field in the Farsi block.

It also has a 25% stake in the Greater Nile project in Sudan.