New contract threat issued

By Vahe Petrossian

 14 June 2012 22:59 GMT

IRAN has threatened unspecified action against international companies failing to complete oil and gas contracts because of sanctions, writes Vahe Petrossian.

More than 20 companies, mostly European, are on a list, said Deputy Oil Minister Ali Reza Zeighami, who is also head of refining and distribution.

Zeighami’s comments follow a warning by Oil Minister Rostam Qasemi, who said that companies that had failed to meet their contractual obligations would be excluded from future business and that Iran would complain to the European Union.

“Some of these companies (on an original list of 40) have met their obligations through intermediaries… Iran will make a complaint about the other 20 foreign companies,” Zeighami said.

Iran has faced…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index