Iran: IOCs continue to circle, despite threats of fresh US sanctions

International oil companies (IOCs) are continuing to look at opportunities in Iran, despite the threat of a fresh wave of US sanctions. Russian firms appear the most interested: Gazprom, Lukoil, Rosneft, Tatneft and Zarubezhneft were among those linked to Iranian deals by Yuri Ushakov in early April, when the aide to President Vladimir Putin said they could invest “over $50bn” in Iran’s energy industry. A consortium of Zarubezhneft and the local Dana Energy signed a deal to develop the Aban and West Paydar heavy oil fields in March.