Despite efforts by the federal government to discourage companies from doing business with Iran, the New York Times reportsHouston-based ConocoPhillips Inc. has active contracts in Iran. Apparently the $1.7B in revenue and benefits from the U.S. Government didn’t come with strings attached.
NYT: ConocoPhillips did business in Iran through its British subsidiary, Conoco LTD, up until 2003, when it left the country. But in 2004 it bought a minority stake in Lukoil, which continues to do business with Iran. A spokesperson said that Lukoil, in addition to its contract with an Iranian oil company to develop an oil project in Uzbekistan, sells gasoline to Iran. Although ConocoPhillips is not directly involved in Lukoil’s Iran-related business, ConocoPhillips spokesperson John McLemore confirmed that the company profits from it due to its 20 percent investment in the company.
Petro Thicker than Pride for ConocoPhillips?
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