| Today we have included a very interesting article about how the US have been the lead figure in enforcing International Economical and Political sanctions on Iran for continuing their Nuclear Programme. However the US have still to use their most potent tool and that is put sanctions on the International Oil Giants and other Governments who continue to operate with Iran. However the Bush administration are planning to have a quiet word. Read the article in full below:
US penalties threaten Iran oil projects |
|
For all its efforts to apply economic and political pressure on Iran over its nuclear program, the US has never used a potent tool in its arsenal — penalties on foreign companies that help Iran in oil and natural gas production. That could be about to change. The Bush Administration has quietly been warning energy companies, including Shell, Repsol and SKS, the Malaysian oil company, as well as the governments of China, India, Pakistan and Malaysia, that penalties are possible if they pursue energy deals with Iran.
As a result, several huge projects planned for Iran could be vulnerable. These include one possible $US10 billion ($A12.5 billion) project by Shell and Spanish oil company Repsol to develop a natural gas field offshore in Iran, and a $US20 billion venture by SKS Ventures of Malaysia to produce natural gas in Iran’s Golshan and Ferdows fields.
The Bush Administration has tried to avoid diplomatic or political controversies through talks. The potential for sanctions threatens the Administration with a fight with Europe if it proceeds or a fight with Congress if it does not. One factor behind the warnings is that the Democrat-controlled Congress appears to be moving quickly to pass a law that would make sanctions mandatory, out of concern about Iran’s suspected nuclear arms program and support for terrorism.
“What we’re trying to do is create multiple points of pressure on Iran in both the private and public sector,” said Nicholas Burns, the Under-Secretary of State for Political Affairs. “These companies also need to know that the attitude of Congress on their activities in Iran is hardening.”
But in orchestrating all this pressure on Iran, President Bush and his aides have been careful to avoid a boycott or other threat that might cause oil and gas prices to soar and strangle the economies of the West. Short of a cut-off, the Administration clearly wants to make it harder for Iran to tap into its oil and gas reserves to increase future exports. |
Project News – US penalties threaten Iran oil projects
Advertisement
