Sector News

BP bows out of Iran bid, report says

January 4, 2017

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

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Consumer Packaged Goods

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach