At this week’s annual exhibition for Iran’s beleaguered oil and gas industry, the stands set aside for western companies have some noticeable vacancies.
With even stalwarts of the long-suffering oil sector such as France’s Total staying away for the first time this year, the gaps are being filled by business from Asia, eastern Europe and Iran itself.
Like any oil exporter, the Islamic Republic needs access to international technology and investment to keep production growing. As western-led sanctions restrict that access, the energy industry is turning to alternative suppliers and backdoor channels as part of a wider national effort to minimise the devastating impact of international isolation on its economy.
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