Iran Economy NewsBritain pushing to ease sanctions on BP gas field

Britain pushing to ease sanctions on BP gas field

-

Reuters: Britain could be close to agreeing a deal to ease sanctions that have stopped gas production from the North Sea’s Rhum field, jointly owned by BP (BP.L) and the National Iranian Oil Co., the Mail on Sunday newspaper said.

LONDON (Reuters) – Britain could be close to agreeing a deal to ease sanctions that have stopped gas production from the North Sea’s Rhum field, jointly owned by BP (BP.L) and the National Iranian Oil Co., the Mail on Sunday newspaper said.

Production from the field, which once supplied 5 percent of Britain’s gas output, has been suspended since 2010 as a result of international sanctions against Iran.

But with signs of a thaw in relations between Iran and the West, the government now hopes to win agreement from the European Union and the United States for a sanctions waiver in the near future, the newspaper said, citing people close to the talks.

One stumbling block to a deal, however, could be concerns from companies involved in financing and servicing the field that any exemption for the producers would not fully protect them from legal action, it added.

A Department of Energy and Climate Change spokesman said: “We are working to ensure the long-term security of the Rhum gas field but no decision has been made at this time on a solution.”

A spokesman for BP declined to comment on the possibility of a waiver being granted.

“As operator of the field our priorities are two-fold – to ensure the field remains safe and that we remain compliant with the law,” he said. “It is up to the government to decide on the longer-term options.”

(Reporting by Paul Sandle and Andrew Callus; Editing by Robin Pomeroy)

 

Latest news

Raisi’s Execution Tactics Exposed

Ebrahim Raisi will become president of Iran in just over a week, even though (or perhaps, because) his resume...

Khuzestan Water Shortages Protests

The Khuzestan protests over water shortages entered their 12th consecutive day on Monday, with demonstrations spreading to other cities...

Iran’s Failed Economic Policies Lead to Loss of Food Security

In the field of economics, there are two types of challenges. First, urgent issues, and second, long-term problems. In...

Iran Water Protests Revive Opportunities and Threats From Earlier Nationwide Uprisings

On or about July 15, residents of the Iranian province of Khuzestan began protesting over severe and persistent water...

Iran’s Officials: “We Are All To Blame”

Because of the destruction of the eight-year Iran-Iraq war which destroyed Iran’s southwestern Khuzestan province the other border provinces,...

The Disastrous Results of Iran’s Corrupted Projects

Following the recent protests over the water shortage of the Iranian people mainly in the Khuzestan province, there is...

Must read

Iran anti-government clashes erupt on Shiite holy day

AFP: Iranian riot police fired teargas in clashes with...

U.S. envoy debates Iranians — a no-no

Los Angeles Times: America's sometimes-freewheeling ambassador to the United...

You might also likeRELATED
Recommended to you