• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 hours America should go after China but it should be done in a wise way.
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Why Are Hard-To-Abate Industries So Difficult To Decarbonise?

Why Are Hard-To-Abate Industries So Difficult To Decarbonise?

Despite progress in decarbonization efforts,…

The Armenia-Azerbaijan Diplomatic Dance Continues

The Armenia-Azerbaijan Diplomatic Dance Continues

Armenian Prime Minister Pashinyan and…

Iran’s Oil Minister: No One Wants To Deal With Tehran Due To U.S. Sanctions

The U.S. sanctions on Iran’s oil and other industries are scaring foreign firms which are unwilling to sign any deals in any sector with Iran and are even rescinding existing contracts, Iran’s Oil Minister Bijan Zanganeh said on Monday, as carried by Radio Farda.

The U.S. re-imposed sanctions on Iran’s oil exports in the spring of 2018, when President Donald Trump pulled the United States out of the so-called Iranian nuclear deal, or the Joint Comprehensive Plan of Action (JCPOA) as the agreement is officially known.  

The U.S. sanctions and the risk of secondary sanctions if firms continue to do business with Iran had many companies withdraw from developing Iranian energy resources, including France’s supermajor Total, which was the first to return to Iran after the lifting of the previous sanctions in 2016.

After the U.S. re-imposed sanctions on Iran’s oil industry and exports, Total – which had signed a deal to take part in the development of Phase 11 of the supergiant South Pars natural gas field – said in May 2018 it would not be in a position to continue the South Pars 11 gas project and would have to unwind all related operations before November 4, 2018, unless it was granted a specific project waiver—which it was not.

Companies in other industries have also left Iran because of the U.S. sanctions.

Iran now has “to rely on our own domestic capacities,” Zanganeh has recently said.

That is why Iran signed this month deals to boost the capacity of two of its oilfields with local companies.

Iran may see some of the sanctions eased should Joe Biden win the U.S. presidential election in November.

ADVERTISEMENT

Biden has signaled that he would revisit and renegotiate the Iran nuclear deal, which could potentially lead to easing of some sanctions in exchange for Tehran returning to compliance under some revised form of JCPOA.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From 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