• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 3 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 23 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 8 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 3 hours Wind droughts
  • 6 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Xi Is Set To Be Re-Elected As China’s Leader
  • 13 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 hours Australian power prices go insane
  • 10 days Oil Prices Fall After Fed Raises Rates
  • 7 hours Europeans and Americans are beginning to see the results of depending on renewables.
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Iran Says German Oil Company Looking To Make Deal Despite Sanctions

German company ADL and Iran’s Sepahan Oil Company (SOC) have signed an agreement to cooperate in technology transfer in oil and gas industry lubricants, Iranian media report.

European embassies have put a lot of effort in paving the way for signing the cooperation agreement, Mohammad Ebrahimi, the chief executive officer of SOC, was quoted as saying by Fars news agency.

According to the Iranian official, ADL will carry out the project in cooperation with its Austrian and Swiss partners.

While Iranian media report the signing of an agreement with a European company, many European companies are backing out of Iran or putting agreements and projects on hold in order to comply with U.S. sanctions on Iran and avoid becoming subjects of some sort of secondary sanctions if they continue to do business with Iran.

Denmark’s engineering company Haldor Topsoe, a leading industrial catalyst producer, is ceasing activities in Iran and is cutting around 200 jobs as a consequence of the planned U.S. sanctions on Iran.

Switzerland’s railway firm Stadler Rail is suspending plans for an underground railway system in Tehran.

Germany’s carmaker Daimler dropped plans to expand its Iranian business, while France’s Peugeot took steps to suspend its joint venture activities, and Renault has said that it will comply with the U.S. sanction regime.

Other major German companies, railway operator Deutsche Bahn as well as Deutsche Telekom, are ending their projects in Iran, after the first new U.S. sanctions on Iran snapped back last week.

In the oil and gas industry, France’s major Total has said that it would exit the South Pars gas project if it doesn’t get a U.S. waiver. French Finance Minister Bruno Le Maire said last month Total’s waiver request has been rejected, together with other requests from French firms.

Regarding Iran’s oil exports to Europe—which, combined, is Iran’s third-biggest customer after China and India—European refiners are expected to significantly drop their Iranian purchases. According to analysts, Europe could be one of the regions where the U.S. might manage to bring Iranian oil exports to ‘zero’.

By Tsvetana Paraskova for Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News