January 25, 2012
BP Plc, UK, and EU have reportedly convinced US lawmakers to exempt a BP-led project from the newly- proposed Washington sanctions on Iran.
This is a clear indication that the West is pushing for stricter embargoes on Tehran without harming its own economy.
US senators have discussed provisions that could bar companies like BP from working with the National Iranian Oil Company (NIOC), Reuters quoted one congressional aide as saying on Monday.
The project, known as Shah Deniz, is a USD20 billion enterprise in the Caspian Sea off Azerbaijan, in which the Iranian state-owned oil company Naftiran Intertrade Co., an NIOC subsidiary, holds a 10% stake.
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