Three Very Large, Important Oil Companies Quit Iran
Iran: Total, Shell, Eni Pledge To End Investments In Energy Sector
September 30, 2010
Total SA of France, Statoil ASA of Norway, Italy’s Eni SpA and the Netherlands’ Royal Dutch Shell Plc have vowed to end their investments in Iran’s energy sector, Bloomberg reported Sept. 30, citing U.S. Deputy Secretary of State James Steinberg. He said the pledge means these companies are eligible to avoid U.S. sanctions. The U.S. also announced that it is imposing sanctions against Naftiran, an Iranian energy-trading company operating in Switzerland. Reuters reported that Steinberg said the company will be prohibited from receiving export assistance from the U.S. Export-Import Bank and block the company from procurement contracts with the U.S. government.