Subscribe to FDD






According to the company website, Petronas has three wholly-owned subsidiaries in Iran; Parsi International Ltd., Petronas Carigali Sdn. Bhd., and Sirri International Ltd (Petronas Website, accessed July 14, 2010).

Date: 1996 – 2001

Deal: In July 1995, according to APS Review Oil Market Trends, France's Total signed a $600 million buyback deal with Iran to develop blocks A and E of the Sirri oil field. Petronas Carigali joined the project with a $180 million investment in 1996, taking a 30 percent stake (APS Review Oil Market Trends, November 30, 1998).

According to Petronas' website, the project began producing oil in 1998 (Petronas Website, accessed July 14, 2010). According to a Total company presentation, Total and Petronas completed the handover of the project to the National Iranian Oil Company (NIOC) (Total SA Presentation, June 21, 2001).

Date: September 1997 – July 2009

Deal: According to the Congressional Research Service, in September 1997, Petronas, Total, and Russia's Gazprom signed a deal with Iran to develop phases 2 and 3 of the South Pars gas field (Congressional Research Service, October 12, 2007). According to Total's website, as operator, the company held a 40 percent stake in the project, while Petronas and Gazprom each held 30 percent (Total SA Website, September 11, 2004).

The project came onstream in March 2002, with production beginning in June 2002, according to Petronas' 2003 Annual Report (Petronas 2003 Annual Report, March 31, 2003). According to Total's website, the operation of the project was handed over to NIOC in 2004 (Total SA 2004 Annual Report, December 31, 2004). According to Petronas' 2010 financial results, the service contract for the project expired in July 2009 (Petronas 2010 Financial Results, March 31, 2010).

Date: November 2002 – December 2004

Deal: According to Petronas' 2003 Annual Report, company subsidiary Petronas Carigali Overseas acquired a 30 percent stake in Iran's Munir oil block from Italy's Edison International and Sweden's Lundin Petroleum in November 2002 (Petronas 2003 Annual Report, March 31, 2003). After the sale, Edison and Lundin own 40 percent and 30 percent of the project, respectively, according to Reuters. (Reuters, December 2, 2002). In December 2004, Reuters reported that Lundin announced that drilling in the block had failed to produce commercially viable amounts of hydrocarbons (Reuters, December 28, 2004).

Date: February 2004 – Ongoing

Deal: According to Total's 2004 annual report, the company entered a joint venture with NIOC and Petronas to create the Pars LNG plant. The venture will produce liquefied natural gas (LNG) from block 11 of the South Pars gas field. NIOC owns 50 percent of the joint venture and Total and Petronas own 30 percent and 20 percent, respectively (Total SA 2004 Annual Report, April 2005).

An industry publication announced in August 2009 that Petronas will maintain a 10 percent stake in the development of Phase 11 of the South Pars gas field, after China's National Petroleum Corporation took over the contract from Total (BMI Middle East and Africa Oil and Gas Insights, August 1, 2009).

Date: July 2009 – Unknown

Deal: In July 2009, Dow Jones reported that Petronas was in talks with Iran "to contract seismic operations in the Caspian" (Dow Jones Newswires, July 28, 2009). Seismic studies are used to explore underground oil and gas resources. A final contract has not been signed.

Date: November 2009 – Ongoing

Deal: According to the Tehran Times, in November 2009, Iran's Oil Exploration Operations Company (OEOC) signed a $20 million contract with Petronas for seismic operations in Uzbekistan's Surkhansi oil block. The project is set to begin within 53 weeks of the agreement (Tehran Times (Iran), November 2, 2009).

Gasoline Deliveries to Iran: In April 2010, Reuters reported that Petronas had stopped shipping gasoline to Iran out of concern over anticipated U.S. sanctions. Petronas shipped its last gasoline cargo into Bandar Abbas between March 4 and 5, 2010 (Reuters, April 15, 2010). According to Reuters, Petronas had been shipping gasoline produced by India's Reliance Industries to Iran, even after Reliance announced in May 2009 that it would stop selling gasoline to Iran (Reuters, February 13, 2010).

U.S. Business Ties: Petronas does not appear to have any U.S. business interests and it has not had any federal contracts, according to (, August 6, 2014).

Last Updated: August 6, 2014