Hundreds of foreign oil companies are taking part in a major industry exhibition that opened in Tehran on Saturday, making a mockery of U.S. and European Union efforts to impose sanctions on Iran’s oil and gas industry, according to an article by Ken Timmerman published by Newsmax.
Following are excerpts of the article. Read the full report on newsmax.
Organizers of the 16th annual oil and gas industry exhibition in Tehran expect to welcome more than 1 million visitors from Iran and around the region, and boast that they have attracted 460 foreign companies to attend.
“In this exhibition, [the number of] participating countries and foreign companies has increased by 20 and 22 percent respectively as compared to the previous year,” exhibition manager Hossein Porsan told the state-run Islamic Republic News Agency.
Companies showing their wares - either directly or through their Iranian agents - came from Austria, Spain, Australia, England, Italy, Germany, Turkey, the Czech Republic, Denmark, Russia, France, the Netherlands, Norway, India, Singapore, Japan, China, Taiwan, Thailand, Saudi Arabia, Canada, and Brazil, Porsan said.
Related News: International Oil Expo Opens in Tehran
According to a recent report by Iran's Central Bank, revenues from the energy sector continue to make up 50% of Iran's state budget and 80% of its export income. Most of the Iranian energy sector is state-owned, with many of the companies directly controlled by the Revolutionary Guards.
By far the largest overseas contingent came from China, which sent 129 companies to the show. China has resisted U.S. and European calls to limit its commercial involvement in Iran, and has abstained for United Nations Security council resolutions condemning Iran for its nuclear weapons development.
Related News: Chinese Firms Dominate Iran Oil Show 2011
South Korea sent 18 to the trade fair, the Netherlands sent 8, France sent 6, Canada sent 4, and Japan sent 3.
Six American companies were identified by the exhibitors as taking part. However, Newsmax found that none of the companies named were actually American. Three were British, one was Chinese, and two were Iranian representative agents who apparently claimed to be able to import U.S. oil well logging products.
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