News Of Economy

U.S. ordered energy firms and bank to leave Iran

April 17, 2012

Battle between US and Iran is not soothing down. US is trying to isolate the Islamic Republic over its atomic program as it urged to all European banks and energy firms to sum up their business with Iran. US sent a blunt message to their European supporting nation that reputations are at stake if they do so. US, has cleared its intention to thwart Iranian strife to develop nuclear expertise. United Nation has already implemented the sanction on Iran and now US is impeding other prosper nation to give any kind of financial advantage to Iran. If European bank implements U.S. urge then it will adversely affect the Iranian business because European banks are major financiers in Islamic nation oil refineries. After US displeasure over investment in Iran, all major banks and oil drillers are pulling their money out from the Iranian economy. French bank, Societe General has stop financing for a $5 billion project to develop part of Iran’s massive South Pars gas field. Oil giant Statoil is also protecting U.S. interests, and leaving its investment in the Azar oilfield. Other European big oil players are also bowing in front of American decision as Royal Dutch Shell, Eni and Total are renouncing its assets in Iran and latest political concerns forced companies to change their investment plans. The U.S. Treasury’s top anti-terrorism official Stuart Levey said The world’s top financial institutions and corporations are re-evaluating their business with Iran because they are worried about the risk and their reputations Iran has confirmed that under US pressure multinational companies are leaving their hefty profit and reluctant to invest in the country. Akbar Torkan, head of Iran’s Pars Oil and Gas Company, said No European bank is ready to prepare new financing for us. The U.S. is putting pressure on all European banks Amid US sanctions, Iran is fighting back with plans to set up an overseas investment fund in Bahrain or Dubai to help finance South Pars. Iran said that despite US’s despotic attitude, Iran have long queue of foreign investors, those who are keen to invent in its oil and gas reserves. On paper, the National Iranian Oil Company has contracts of $40 billion worth. Although UN and US have implemented financial sanctions over Iranian economy to thwart nation to get nuclear access yet it will be difficult to stop investors from lucrative Iranian oil field. Apart from it, US and Europe are fighting for the rising oil prices, which has already inundated many market leaders’ profits, that will touch new heights and in all phases US will be a biggest looser. Image: lazerbrody Via: Reuters

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