New York (Platts)--6Jul2012/311 pm EDT/1911 GMT
The Obama administration Friday said it "welcomes" a decision by Italian energy company Edison International to exit Iran's energy sector. State Department spokeswoman Victoria Nuland issued a statement saying that the company's exit includes, "specifically its contract to explore Iran's Dayyer natural gas field." Nuland added that the company "has also pledged not to engage in sanctionable activity with Iran in the future." As a result, she said Secretary of State Hillary Clinton has decided to apply the "Special Rule under the Iran Sanctions Act" that means that, as long as Edison International "continues to act in accordance with its assurances, under the law, it will not be subject to an investigation into past Iran-based activities." Article continues below... Request a free trial of: Electric Power Daily No other daily publication delivers so complete an account of North American power industry news as Electric Power Daily. For those who need solid grounding every day in this complex arena where so much is at stake, Electric Power Daily is a must read.
The Obama administration Friday said it "welcomes" a decision by Italian energy company Edison International to exit Iran's energy sector. State Department spokeswoman Victoria Nuland issued a statement saying that the company's exit includes, "specifically its contract to explore Iran's Dayyer natural gas field." Nuland added that the company "has also pledged not to engage in sanctionable activity with Iran in the future." As a result, she said Secretary of State Hillary Clinton has decided to apply the "Special Rule under the Iran Sanctions Act" that means that, as long as Edison International "continues to act in accordance with its assurances, under the law, it will not be subject to an investigation into past Iran-based activities."
Article continues below...
No other daily publication delivers so complete an account of North American power industry news as Electric Power Daily. For those who need solid grounding every day in this complex arena where so much is at stake, Electric Power Daily is a must read.
Nuland said the company is now the sixth to withdraw from its Iranian investment under the special rule in the Iran Sanctions Act, along with Total, Royal Dutch Shell, Statoil, Eni, and Inpex. "We commend the commitments made by Edison International, and we hope that other firms will follow its lead. We will continue to pursue sanctions as part of a robust dual-track policy to encourage Iran to address the international community's concerns regarding its nuclear program," the statement from Nuland added. A company spokesman in Italy confirmed that it is withdrawing from Iran's energy sector, but he declined further comment. There was no information on the Edison International website about its withdrawal, and there were no government filings regarding the move that were immediately available. State Department officials in Washington did not immediately respond to a request for further information on the matter. The US and European Union sanctions on trade with Iran reflect Western countries' concerns that Iran's nuclear program is for developing weapons, but the Iranian government has maintained the program is aimed at providing nuclear energy.--Robert DiNardo, robert_dinardo@platts.com --Additional reporting: Alina Trabattoni, newsdesk@platts.com --Edited by Katharine Fraser, katharine_fraser@platts.com
Tweet