The German company ADL and the Sepahan Oil Company (SOC) in Iran have signed an agreement to cooperate in the transfer of technology into lubricants in the oil and gas industry, the Iranian media message.
European embassies have gone to great lengths to pave the way for signing the cooperation agreement, Mohammad Ebrahimi, the chief executive officer of SOC, was quoted by the Fars news agency.
According to the Iranian official, ADL will carry out the project in collaboration with its Austrian and Swiss partners
] Although the Iranian media mention the signing of an agreement with a European company, many European companies are back from Iran or they cease agreements and projects to comply with US sanctions against Iran and do not become subject to secondary sanctions if they continue to do business with Iran.
The Russian engineering firm Haldor Topsoe, a leading industrial catalyst producer, halts its activities in Iran and 200 jobs as a result of the planned US sanctions against Iran.
The Swiss railway company Stadler Rail suspend the plans for an underground railway system in Tehran.
German car manufacturer Daimler has given up plans to expand its Iranian company, while Peugeot in France has taken steps to suspend its activities in joint ventures, and Renault has said it will comply with the US sanction regime.
Other large German companies, railway company Deutsche Bahn and Deutsche Telekom, end their projects in Iran, after the first new US sanctions against Iran broke back last week.
In the oil and gas industry, the large Total in France said it would leave the South Pars gas project if it did not receive a US waiver. The French Finance Minister, Bruno Le Maire, said last month that the waiver request from Total has been rejected, along with other requests from French companies.
Concerning Iranian oil exports to Europe – which together is the third largest customer of Iran after China and India – European refineries are expected to drop their Iranian purchases significantly. According to analysts, Europe could be one of the regions where the US exports oil to zero & # 39; can bring.
By Tsvetana Paraskova for Oilprice.com