EU removes two Iranian oil companies from sanctions list

The European Union has removed two Iranian oil companies – Petropars Operation and Management, and Petropars Resources Engineering – from its sanctions list, Reuters said, citing the British finance ministry. The EU’s move is the first such action since Iran reached a nuclear agreement with world powers in July.

The companies, which are the part of a group involved in extracting natural gas from Iran's South Pars field, had appealed to the EU court in May for their removal from the sanctions list, saying there was insufficient evidence to include them on the list. The court removed the companies after receiving no objection from the European Council.

Reuters noted that the court declined to remove two other companies, Petropars Iran Co and Petropars Oilfields Services Co., from the list because of the larger stakes that those entities have in their parent group, National Iranian Oil Company (NIOC).



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...