Iran sanctions

North Sea

‘Headache’ for UK firms on conflicting Iranian oil sanctions and EU rules


Following the lifting of a number of sanctions by the U.S., and the EU, in connection with the Joint Comprehensive Plan of Action (JCPOA), Iran was seen as a significant opportunity for the European oil and gas industry. But the so-called “snapback” of U.S. sanctions, following its JCPOA withdrawal, has dashed these hopes.

Oil & Gas

Two Iranian oil companies removed from EU sanctions list


The European Union has removed two Iranian oil companies from its sanctions list, the first such action since Iran reached a nuclear agreement with world powers earlier this month, a notice from the British finance ministry said on Friday. Petropars Operation and Management and Petropars Resources Engineering had been pressing for their removal from a list of sanctioned companies for months on the grounds that there was insufficient evidence to include them. The companies, which are the part of a group involved in extracting natural gas from Iran's South Pars field, appealed to the EU court in May to allow their removal from the list.

Oil & Gas

Iran eyes $185 bln oil, gas projects after sanctions


Iran outlined plans on Thursday for the rebuilding of its core industries and trade links in the wake of a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020. Iran's Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said the Islamic Republic would focus on its oil and gas, metals and car industries with an eye to exporting to Europe after sanctions have been lifted. "We are looking for a two-way trade as well as cooperation in development, design and engineering," Nematzadeh told a conference in Vienna.