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Austria's OMV puts projects in Iran on hold amid US sanctions - CEO

Gasoil News - Published on Mon, 11 Feb 2019

Image Source: Sputnik International
Sputnik cited Nr Rainer Seele, the CEO of the Austrian energy giant OMV, as saying that the company has put on pause its projects in Iran as the consequences of the US sanctions against Tehran could pose risks to the OMV. He said that "We don't implement any further projects in Iran, we don't have projects in Iran, everything was put on pause. Recent events show that companies that will take risk to work in Iran are not fully protected. European companies, despite the measures taken, don't believe in sufficient protection at the political level, as they are at risk on financial and capital markets. Iran is currently not on the map for OMV."

On November 5, the second package of US sanction against Tehran came into effect following the US withdrawal from the Joint Comprehensive Plan of Action - the Iran nuclear deal - in May. The sanctions are aimed at exercising maximum pressure on Iran and force it to negotiate a new deal.

As part of its campaign, the United States wants all countries to eventually reduce to zero their oil imports from Iran, delivering a hard blow to Iran's economy.

To protect businesses investing in Iran from US sanctions, Europe has developed an updated version of the Blocking Statute which bans European companies from complying with the US measures against Iran.

Source :

Posted By : Rabi Wangkhem on Mon, 11 Feb 2019
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