Indian Oil Corporation (IOC)
India 
Date: 2002 - Ongoing
Deal: In 2002, Iran awarded development rights for the Farsi offshore block to a consortium of Indian oil companies, including the Indian Oil Corporation (IOC), ONGC and Oil India, according to industry news sources (Rigzone, June 25, 2009). The U.S. Government Accountability Office reported that the IOC holds a 40 percent stake in the project (GAO Report, March 23, 2010).
The Tehran Times reported that in July 2009, the consortium had agreed to invest in developing the Farzad B gas field located in the Farsi block of the Persian Gulf (Tehran Times, July 26, 2009). According to The Economic Times, in September 2009, the consortium announced that it was dropping its plans to extract crude oil due to the high sulfur content it had discovered, opting instead to produce gas from the field (The Economic Times, September 16, 2009). However, according to an Indian news service, in 2009 the consortium submitted a master development plan for the gas field, which provided for an investment of $5 billion over a period of 7-8 years (PTI, September 15, 2009).
Regarding U.S. sanctions, a senior official from the consortium stated that "our investment in Iran has not even violated the U.S. law as OVL-IOC-OIL have not invested more than $20 million in any one year in exploring for oil and gas in Farsi block," according to an Indian news service (PTI, May 14, 2010).
Date: November 2004 - Unclear
Deal: BBC News reported that IOC had signed a Memorandum of Understanding with the National Iranian Oil Company (NIOC) subsidiary, Petropars Ltd. "to put forward a $3bn (£1.63bn) joint project to develop a gas field in Iran. The proposal from India's biggest refiner would also see it set up a liquefaction plant in Iran" (BBC News, November 3, 2004).
U.S. Business Ties: According to USASpending.gov, the Indian Oil Corporation has not received any U.S. government contracts in the last ten years (USASpending.gov, accessed June 25, 2010).