14:48 GMT +318 November 2018
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    Wintershall Says Not to Pursue Further Projects in Iran

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    MOSCOW (Sputnik) - Germany's Wintershall energy company told Sputnik it would not pursue further projects in Iran after the memorandum of understanding, agreed with the National Iranian Oil Company (NIOC), expired.

    “In order to lay the foundations for possible further activities in the region, in April 2016 Wintershall signed a Memorandum of Understanding (MoU) with the National Iranian Oil Company (NIOC) on possible future cooperation and has examined potential oil projects since then. The economic conditions and the geopolitical environment are of decisive importance for the realization of such projects," a company spokesman said.

    READ MORE: Washington Using Sanctions to Pursue US Interests on EU Gas Market — Wintershall

    "Unfortunately, it was not possible to clarify the general economic conditions definitively in our discussions with NIOC. In addition, the overall political situation significantly impedes any possible engagement in Iran at the moment. The Memorandum of Understanding agreed with the NIOC will expire soon and will not be extended. Wintershall will not pursue any further projects in Iran for the time being," he said.

    Wintershall Holding GmbH, a wholly owned subsidiary of German chemical company BASF.

    In early May, Trump announced his decision to pull out of the Iran nuclear agreement signed in 2015 in Vienna by Iran, the European Union, China, France, Russia, the United Kingdom, the United States and Germany.

    The US president also announced the restoration of all sanctions against Tehran, including secondary ones that apply to other countries conducting business with Iran.

    Washington's European partners have repeatedly stated that they intended to continue to observe the terms of the deal with Iran.

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