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Billions In Oil Deals Shield Iran From U.S. Sanctions
https://oilprice.com/Energy/Crude-Oil/Billions-In-Oil-Deals-Shield-Iran-From-US-Sanctions.html
Apart from Total’s deal, other European companies have signed provisional agreements to explore the potential of various Iranian oil and gas fields. According to Iran’s oil ministry news service, Shell, Total, Petronas, and Inpex have submitted studies for the potential development of Iran’s biggest oil field Azadegan, which Tehran claims has 37 billion barrels of oil and which is shared with neighboring Iraq.
Italy’s oil and gas major Eni signed last month a memorandum of understanding with the National Iranian Oil Company (NIOC) to explore a potential investment in the Kish gas field in the Persian Gulf and the third phase of development of the Darquain oil field.
Earlier this month, Shell submitted to Iran the results of its feasibility studies for the potential development of the South Azadegan and Yadavaran oil fields.
From Asia, South Korea’s SK Engineering & Construction has signed a US$1.6-billion deal to revamp Tabriz Oil Refining Company’s 110,000-bpd refinery northwest of Tehran.
Last week, Turkish energy company Unit International, Russia’s Zarubezhneft, and Iran’s non-governmental firm Ghadir Investment Company pledged to invest a combined US$7 billion to drill at three oil fields and one natural gas field in Iran.
Iran has also signed deals with European firms in sectors other than energy.
Two of the biggest European carmakers, France’s Renault and Germany’s Volkswagen, are also committing presence and investments in Iran. In the past two months, Renault set up a joint venture, while Volkswagen said it was returning to the Iranian market after more than 17 years.
While the U.S. is stepping up Iran sanctions, Europe, Russia, and Asia are signing agreements—albeit many are only preliminary—to invest in Iran’s energy and industry. This could provide Tehran with a buffer if the U.S. further ramps up sanctions.
Europe doesn't want Russian oil/gas products. Whatever beef "they" have had with Russia is another cause to this whole bit of f*&^%$y that has befallen all.