US sanctions could impact IOC’s willingness to enrol in Iran

Business Materials 2 August 2017 14:26 (UTC +04:00)

Baku, Azerbaijan, Aug.2

By Emil Ilgar – Trend:

Additional US sanctions could, indeed, make life difficult for the International Oil Companies (IOC) willing to enrol in Iran’s oil and gas projects, Chris Cook, former director of the International Petroleum Exchange told Trend on Aug 2.

Iran has introduced nearly $100 billion investment opportunities for each of the up, mid and downstream oil and gas projects for foreigners, specifically in the petrochemical sector.

French energy giant Total and China’s CNPC signed a $4.8 billion agreement with Iran to develop South Pars gas field’s phase 11 earlier. Iran says it is preparing to issue several other tenders for the development of the other upstream projects.

“I do not believe, firstly, that US related companies would be happy to see such a lucrative opportunity taken from them, and secondly, I think that EU, Russia, China and virtually all other nations would probably unite against the US if they did so without cause”, said Cook.

Iran and P5+1 Group (US, UK, France, Russia, China plus Germany) reached a comprehensive nuclear deal in 2015. Plans implementation was started in January of 2016.

Recently passed Congressional bill on the imposition of a new round of sanctions on Iran is expected to be implemented after the US President sings it in this week.