The United States Has Tacitly Given European Union (EU) Oil Firms the Go-Ahead to Invest in Iran, Following the Announcement Last Week That the EU Had Agreed to Start Talks on a Free-Trade Pact with the Islamic Republic

Sunday Business (London, England), June 23, 2002 | Go to article overview

The United States Has Tacitly Given European Union (EU) Oil Firms the Go-Ahead to Invest in Iran, Following the Announcement Last Week That the EU Had Agreed to Start Talks on a Free-Trade Pact with the Islamic Republic


The United States has tacitly given European Union (EU) oil firms the go-ahead to invest in Iran, following the announcement last week that the EU had agreed to start talks on a free-trade pact with the Islamic republic.

Alan Larson, under-secretary for economic affairs at the state department, has told the US House of Representatives International Relations Committee that the Bush administration would continue its policy of turning a blind eye to European investments in Iran.

The EU agreed last week in principle to open talks with the Iranian government on a new Trade and Co-Operation Act, opening the way for greater investment by EU companies. Despite their reservations about the scheme, US officials have pointedly failed to condemn it publicly.

US companies remain banned from trading with Iran, so EU-based firms are set to steal a march on their rivals.

The Iran-Libya Sanctions Act, passed in 1996 by the former US president, Bill Clinton, includes provisions for sanctions against any non-US company that provides new investments worth over $40m to develop petroleum resources in Iran. The act has never been enforced.

Most recently, President Bush said Iran was part of an axis of evil behind global terrorism.

The state department has asked that EU negotiators make specific demands on Iran as a condition of signing a deal.

Areas of concern to the US include the regimes support for international terrorist organisations, notably Hamas, its pursuit of weapons of mass destruction and its persecution of religious minorities, notably Christians, Jews and Bahais.

The response from the US, which was more conciliatory than had been expected, comes at a time when trade relations between the EU and the US have thawed slightly.

Pascal Lamy, the EUs trade commissioner, said last Friday that Brussels may postpone its planned retaliation against steel tariffs imposed by the US, though the two blocs remain at loggerheads on a range of trade issues. Energy analysts estimate that about $10bn worth of Iranian investment deals have been agreed since 1995 with non-US companies. EU imports from Iran last year were worth about E8bn (pound sterling5bn), while exports reached E5.2bn.

European energy giants including Royal Dutch/Shell, TotalFinaElf, ENI and banks such as Societe Generale and Credit Agricole Indosuez have been among the most active foreign players in Iran. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

The United States Has Tacitly Given European Union (EU) Oil Firms the Go-Ahead to Invest in Iran, Following the Announcement Last Week That the EU Had Agreed to Start Talks on a Free-Trade Pact with the Islamic Republic
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.