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Business/Finance See other Business/Finance Articles Title: Britain asks U.S., EU to exempt BP from sanctions imposed on Iran The London government has asked the US and the European Union to partially lift anti-Iranian sanctions imposed on a joint UK-Iran natural gas field in the North Sea. UK Department of Energy and Climate Change (DECC) consulted the US and EU officials over releasing sanctions on Iran's state oil company, the Wall Street Journal said in a report. "We are working with the EU to ensure the long-term security of the Rhum North Sea gas field and will be making an announcement on this in due course," said the office for the DECC. The US State Department also said they have discussed the issue with the British government, without releasing any further details. The National Iranian Oil Co. has a 50-percent stake with UK’s British Petroleum (BP) in the offshore field, called Rhum, that can output a daily 5.4 million cubic meter capacity, which had its operation halted in 2010 due the US-brokered and EU-backed sanctions imposed on Iran. The EU spokesperson spoke of the plausibility of the act, saying, "The BP gas field could be exempted from sanctions under an EU Council Regulation adopted in December 2012 amending previous regulation on restrictive measures against Iran." Britain’s energy sector has been one of the most badly hit industries as a result of the long-term economic recession in the country. BP, itself, was one of those industries which imposed high redundancies, as well as pushing through an early retirement programme, because of drastic budget cuts and the deteriorating economic conditions. At the beginning of 2012, the US and the European Union imposed new sanctions on Iran’s oil and financial sectors aimed at preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran. The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program. Iran rejects the allegation, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes. GVN/MOL/HE Poster Comment: I expect that Rothchilds are big stockholders in BP and that they would had this arranged through their contacts in Tel Aviv (under whose direction the sanctions were imposed). Post Comment Private Reply Ignore Thread
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