US billions for Iran sanction-busting firms
Washington: Washington has awarded more than USD 107 billion in payments to foreign and US companies doing business in Iran despite US sanctions, The New York Times has reported.
That sum included nearly USD 15 billion paid to companies that defied US sanctions law by making large investments that helped Iran develop its vast oil and gas reserves, said the paper.
The Times compiled the figures from an analysis of government and business records.
Both President Barack Obama and former president George W Bush had sent mixed messages to the corporate world when it comes to doing business in Iran, said the report.
Their administrations had rewarded companies whose commercial interests conflicted with US security goals, it added.
More than two-thirds of the government money had gone to companies doing business in Iran’s energy industry, a stronghold of the increasingly powerful Islamic Revolutionary Guards Corps.
Yet this group is meant to a primary focus of the Obama administration’s proposed sanctions because of its involvement in Iran`s nuclear and missile programs, the paper said.
Other companies had been involved in auto manufacturing and distribution.
The government payments included USD 102 billion contract payments since 2000; and nearly USD 4.5 billion in loans and loan guarantees from the Export-Import Bank.
Another USD 500 million was paid out in grants for work including cancer research and the transformation of agricultural byproducts into fuel, said the report.
In addition, oil and gas companies that had done business in Iran had over the years won lucrative drilling leases for close to 14 million acres of offshore and onshore federal land, the paper said.
The government bars US companies from most types of trade with Iran.
Among the foreign companies in the report were South Korean engineering giant Daelim Industrial, Anglo-Dutch oil giant Royal Dutch Shell and Brazilian state-controlled energy conglomerate Petrobras.
More from India
More from World
More from Sports
More from Entertaiment
- DNA: APJ Abdul Kalam's last journey, India bids a tearful adieu
- DNA : Justice delivered; India hangs 1993 Mumbai blasts convict Yakub Memon
- Robert Vadra explains Facebook post, denies insulting Parliament
- Exclusive interview with Usman Majid, MLA, J&K Congress
- 14-year-old pregnant rape survivor allowed abortion by Supreme Court
- Why did you choose Smriti Irani as HRD minister? Congress leader asks PM Narendra Modi
- Yakub Memon: The two men who lead police to 'House of Memons'
- Meeting called by Speaker fails to end Parliament logjam; government indicates all-party meet
- Rajnath slams UPA for coining 'Hindu terrorists', Congress accuses BJP of playing politics on terror
- Cristiano Ronaldo great, but Lionel Messi is greatest: Xavi Hernandez