The Trump administration says it won’t grant waivers for firms buying Iranian crude
Iran seeks energy allies as sanctions bite
Trump’s Iran sanctions target oil. But will all be lost or will Iran find investors in Russia and China?
With the imposition of full US sanctions on Iran imminent, high-profile investors, such as France's Total have already confirmed they won't be seeking waivers to continue their operations. Instead, the major will opt out of developing the supergiant South Pars gasfield. This was one of the most anticipated projects after sanctions on Iran were lifted in 2015. Total won the contract to develop the field, but the venture is now touted to be taken over by the Chinese state-owned CNPC. The move could mark an important turn for Iran towards the east as European investors are pushed out. The renewed sanctions will once again make it impossible for European firms to deal with Iran. Use of the US do
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