TEHRAN—As the thaw in relations between the West and Iran continues, the Islamic Republic is hoping to lure major oil companies back to invest in its all-important energy sector. But any oil firms that return to Iran will find a new force to be reckoned with: Iran’s Revolutionary Guard Corps, a military force set up in 1979 by Ayatollah Ruhollah Khomeini to protect the country’s Islamic political system. In particular, oil companies will find it necessary to come to some sort of accommodation with engineering contractor Khatam ol-Anbia, a company wholly owned by the Guards whose name means “Seal of the Prophets.” Khatam was set up in 1989 following Iran’s war with Iraq to provide employment for Revolutionary Guards and make use of skills developed in the conflict such as building roads and bridges. With up to 40,000 employees, according to U.S. government estimates, the company has expanded to […]