Austria's OMV Stands by Iran Project
Thursday, May 24, 2018

Austria's OMV Stands by Iran Project

Austrian energy group OMV is continuing with planned Iranian energy projects despite the United States’ withdrawal from a nuclear pact with Tehran, but said on Tuesday it had made no investments there yet. 
European firms doing business in Iran face sanctions after the US unilaterally withdrew from a deal it had signed with France, Germany, Britain, Russia, China and Iran, which lifted sanctions in exchange for Tehran limiting its nuclear program, Reuters reported. 
The other signatories have indicated that they hope to salvage the deal. French Finance Minister Bruno Le Maire brought up the idea that the European Union could compensate European companies that might face US sanctions. 
Last week, French energy giant Total joined other European companies in signaling a possible exit from Iran in light of the US decision. 


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