Kvaerner

"The representative of Kvaerner ASA, Norwegian engineering and construction services company, said the wide welcome of the Tehran IPC Conference heralds a bright future for Iran's petroleum industry. Speaking with Shana on the sidelines of the two-day conference which was mounted by Iranian Ministry of Petroleum to introduce the terms of its new oil and gas contracts, Bjørn Arne Lundblad, the vice president of strategic business development of Kvaerner ASA, said the presence of more than 1,500 executives and representatives of international firms at the conference is an indication of their interest in Iran's oil and gas projects. 'The world's oil and gas industry is now seeking new grounds for investment and Iran is a very suitable option for them,' he said. Lundblad said many projects have been put on table at the conference before the potential investors which require a long time for their assessment and appraisal." (Shana, "Norwegian Firm Welcomes Tehran IPC Conference," 11/30/15) (http://t.uani.com/1TihoK5)

"Following the sanction relief in Iran announced in January 2016, Kvaerner has been involved in business development activities in Iran. Kvaerner is committed to comply with all applicable laws, including applicable sanctions regulations. In addition Kvaerner has agreements with third parties (clients, financial services) who impose particular and additional restrictions. It is vital for Kvaerner to be fully aware of the ultimate beneficial owners of potential local partners and clients, given the sanctions that remain in place on certain individuals and entities (both state-owned and private). Kvaerner performs enhanced due diligence investigations into prospective external business partners." (http://www.kvaerner.no/toolsmenu/Investors/Corporate-governance-/Corporate-governance-policy/)