Iran Sanctions Show Cracks

Iran successfully continues to expand its oil and gas and petrochemical projects with countries such as Iraq, India and Russia despite U.S.-imposed sanctions, and it has plans under way to increase swap oil and gas deals and invite foreign investment.

The 1996 U.S. Iran and Libya Sanctions Act imposes mandatory and discretionary sanctions on non-U.S. companies investing more than $20 million annually in Iranian oil and gas. U.S. citizens or foreigners in the United States interested in doing business with Iran must first acquire a license.

Some of the deals Iran has under way do raise concerns under the act as U.S. policy opposes investment in Iran’s oil and gas industry and pipelines to, from and passing through the country.
UPI