Thursday, September 30, 2010

Big energy firms cut Iran ties under U.S. pressure, Could this be the first sign that a War is immenant.

Four major European oil companies will abandon their Iranian activities voluntarily to avoid American sanctions designed to pressure Iran over its nuclear program, U.S. officials said on Thursday. The decision by France's Total, Norway's Statoil, Italy's ENI and Royal Dutch Shell will help ratchet up pressure as Western powers seek to bring Tehran into new talks on an atomic program they fear is aimed at producing nuclear weapons.



"The international community should collectively abandon a business-as-usual approach to Iran," Steinberg told reporters, saying other major energy companies were under investigation and could face consequences if they do not follow suit. Iran, which has resisted pressure to open wide-ranging talks over its nuclear ambitions, says that its nuclear program is peaceful and that while it is open to talks, it will never give up its right to peaceful nuclear energy.
The deal with the four international oil majors to curtail Iran activities set a precedent that other companies should follow, showing that the threat of sanctions was leaving Tehran increasingly isolated, Steinberg said
"People are increasingly reaching the conclusion that it's simply not worth it to engage in activities with Iran," he said.
Some energy analysts have suggested that a pullback by Western firms could present an opportunity for companies from Russia, China, or other countries to step in despite the blanket U.N. sanctions.

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