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BP bows out of Iran bid, report says

January 4, 2017
News

BP has passed up on the chance to take part in a tender for exploration and production rights in Iran, a news report said, citing unidentified sources.

The company also has no intention of following the lead of rivals Shell and Total, who have negotiated separate agreements with Tehran, the Financial Times reported yesterday.

BP is understood to be cautious about bidding for contracts in Iran, because US citizens are still prohibited from engaging in commercial activities there.

The report said 30% of BP’s employees are American, including its chief executive, Bob Dudley.

The election of Donald Trump as US president is thought to be another factor behind BP’s reported decision to steer clear.

Mr Trump has been critical of last year’s landmark nuclear agreement and has raised the possibility of scrapping the deal.

The international community had imposed sanctions on Iran over its nuclear program, crippling the country’s economy in the process.

But last year’s deal lifted the sanctions and opened up Iran to western investment once again.

BP declined to comment when contacted by the FT.

By Mark Lammey

Source: Energy Voice

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