The $40Bn Iran–Russia deal for joint development of offshore fields in the Middle Eastern country could fall through due to corrosion issues. Iran and Russia face significant challenges in their attempt to jointly develop offshore Iranian gas fields as sanctions against the two countries are likely to pose supply problems, according to Rystad Energy’s research. Rystad Energy said that it is metallurgical issues that risk undermining Gazprom’s plans to support the development of Iran’s offshore gas fields. Both Iran and Russia are under sanctions from Europe and Japan, as well as others. This means that no Japanese or European oil country tubular goods (OCTG) or steel manufacturers can supply either country. It is OCTG producers from these regions that dominate the global supply of corrosion-resistant alloy and high-alloy OCTG grades. Rystad believes it would take a considerable amount of time and investment for Russia’s steel industry to be able […]