IGRC-Linked Companies may Partner with IOCs

The man responsible for Iran’s new oil contracts has said that domestic companies linked to the Islamic Revolutionary Guards Corp (IRGC) may be approved to partner international oil companies (IOCs) in joint ventures.

Seyed Mehdi Hosseini, head of the Oil Contracts Restructuring Committee, said:

“The point of these Revolutionary Guards is that they are engineering companies, normal engineering companies, that have done something in Iran, they have got experience.

“It depends on the quality and selection of the IOCs [international oil companies] … If the IOCs want to work with them, we have no problem. We are not going to interfere in the private negotiations between private companies and the IOCs on what kind of arrangement they have.”

According to a report from the Financial Times, Mr Hosseini said the most important thing was to have “qualified” companies operating in the joint ventures.

The European Union will delist the IRGC’s main construction arm Khatam Al Anbia, which controls more than 800 companies, eight years after sanctions are lifted, while he United States is expected to maintain sanctions against entities linked to the IRGC.

(Source: Financial Times)

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