Tuesday, 30 November 2010

Inpex off Iran sanction list

Washington won't investigate Inpex under an American sanctions law after the Japanese firm withdrew from the Azadegan project and vowed to quit doing business with Iran. Inpex had a 10 per cent stake in the project.

In a statement, the State Department said Secretary of State Hillary Clinton had decided to use a provision of the Iran Sanctions Act to spare Inpex from an investigation into its past Iran investments. It also explained that Inpex had promised not to conduct any activity in Iran that could trigger US sanctions.

"As long as the company continues to act in accordance with its assurances, the secretary does not regard Inpex as a company of concern for its past Iran-related activities," the statement indicated.

It should be noted that China's CNPC will be the operator of the Azadegan project. In July 2010, Iranian officials accepted CNPC's MDP to develop the field. In the contract signed between Naftiran Intertrade Company and CNPC the Iranian company agreed to transfer 70 per cent of its shares to the Chinese partner.

For more news and expert analysis about Iran, please see Iran Strategic Focus.

© 2010 Menas Associates

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