European oil firms have announced they will snub Brussels’ efforts and side with Donald Trump(Image: Getty)Iran: Citizens react to US sanctio... Share The bloc has put forward plans to bypass the US’ tough line against Tehran by creating a “special purpose” financial company, which will allow Iran to continue to sell oil in the EU.But chief executives of big European oil companies have rejected the plans, claiming it would leave businesses exposed to US retribution.Speaking during a press conference in Russia, Patrick Pouyanné, CEO of Total, said the firm “cannot afford to take the risk to be banned from using the US Financial system”.Italy’s ENI has also stated it is unwilling to trade crude oil with Iran: “We have no presence in Iran any more and our trading contract will naturally expire in November.ADVERTISEMENTVenezuela releases OIL-BASED cryptocurrency Petro to save country f... Rupee is BROKEN' India rupee PLUMMETS to record low ELATED ARTICLESADVERTISEMENT“We will naturally expire in November.“We will entirely comply with all the sanctions and rules decided by the international community.”CEPSA, a refinery in Spain, is due to receive its last barrel from Tehran this month.One of its CEOs claimed “all companies are going to think of their shareholders first”, adding that “no one is going to run the risk of falling foul of US sanctions.”Iranian oil exports have already been hit by the US sanctions (Image: Getty)Since Mr Trump’s announcement of the US exit from the Iran nuclear deal on May 8, EU governments have pledged to try to keep Iran’s oil trade and investment flowing.But the rejection from the biggest European oil firms is putting pressure on the bloc.Iranian oil exports have already been hit by the US sanctions, which will officially take effect on November 4.Earlier this summer, Iran was exporting 2.7m barrels of crude oil each day - equal to nearly three percent of daily global consumption.OIL PRICE CRISIS: Trump DEMANDS Middle East reduce oil pricesIndia 'cuts back' on crude oil purchases from Iran after US sanctions ELATED ARTICLESThe EU is committed to save a nuclear deal with Iran despite Trump's decision to exit the accord(Image: Getty)Since September, they declined to below two millions per barrels per day.The European Union’s energy chief sought to reassure Iran last Saturday that Brussel remained committed to save a nuclear deal with Tehran.Miguel Arias Canete delivered the message on a visit to Tehran and also claimed the 28 EU nations, which once were the biggest importers of Iranian oil, hoped to boost trade with Iran.Mr Canete said: “We have sent a message to our Iranian friends that as long as they are sticking to the nuclear agreement the Europeans will... fulfil their commitment."And they said the same thing on the other side.”
This website was created by a user of Websites.co.in, a free instant website builder. Websites.co.in does NOT endorse, verify, or guarantee the accuracy, safety, or legality of this site's content, products, or services. Always exercise caution—do not share sensitive data or make payments without independent verification. Report suspicious activity by clicking the report abuse below.
We appreciate you contacting us. Our support will get back in touch with you soon!
Have a great day!
Are you sure you want to report abuse against this website?
Please note that your query will be processed only if we find it relevant. Rest all requests will be ignored. If you need help with the website, please login to your dashboard and connect to support
Category:
;
Want to know more about us?
Fill in your details and we will get in touch at our earliest convenience
Leave a Message