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sanctions

Opinion

Opinion: What does the rollback of Iranian sanctions mean?

Iran is one of the most significant producers of crude oil and natural gas in the world. According to the OFAC Annual Statistical Bulletin 2015, Iran has proven crude oil deposits equating to 157,530 million barrels and natural gas reserves of 34,020 billion cubic/meters. While subject to comprehensive international sanctions, the Iranian natural resources sector had severely limited access to international markets both for export and inward investment.

Opinion

Tom Stocker: Legal risks of trading in Iran still exist

The lifting of sanctions on Iran is good news for Scottish exporters and oil and gas service companies, but a legal expert has warned that with a US trade embargo still in place, Western banks remain reluctant to support Iranian related businesses.

Oil & Gas

Lukoil plans to sign oil accord in Iran after tax-law changes

Lukoil PJSC, Russia’s second-largest oil producer, plans to sign a deal on exploration and production with Iran following changes in the Persian Gulf nation’s tax laws. Vagit Alekperov, Lukoil’s billionaire chief executive officer, said he plans to meet with Iran’s Oil Minister Bijan Namdar Zanganeh when the Organization of Petroleum Exporting Countries gathers in Vienna in December.

Other News

Iran’s top leader says no nuclear deal unless sanctions are lifted

Iran’s supreme leader says world powers must lift international sanctions and not merely suspend them as part of a landmark nuclear agreement. Speaking to a group of clerics, Ayatollah Ali Khamenei said “there will be no deal” if the sanctions are not lifted. His remarks were read by a state TV anchorman.