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EghtesadOnline: German company ADL and Iran’s Sepahan Oil Company have signed an agreement to cooperate in transferring technology related to oil and gas lubricants.

'European embassies have made a great deal of effort in paving the way for signing the cooperation agreement," Mohammad Ebrahimi, the chief executive officer of SOC, was quoted as saying by IRNA, Oil Price reported.

According to Ebrahimi, ADL will implement the venture in cooperation with its Austrian and Swiss partners.

While Iranian media reported the signing of an agreement with a European company, many European companies are putting agreements and projects on hold to comply with US sanctions on Iran and avoid US secondary sanctions against those who continue to do business with Iran, according to Financial Tribune.

Denmark’s engineering company Haldor Topsoe, a leading industrial catalyst producer, has ceased activities in Iran and cut around 200 jobs as a consequence of the planned US sanctions on Iran.

Switzerland’s firm Stadler Rail is suspending plans for an underground railroad system in Tehran.

Germany’s carmaker Daimler dropped plans to expand its Iranian business, while France’s Peugeot suspended its joint ventures and Renault announced its compliance with the US sanction regime.

Other major German companies, railroad operator Deutsche Bahn as well as Deutsche Telekom, are also ending their projects in Iran, after the first new US sanctions on Iran snapped back last week.

In the oil and gas industry, France’s major Total has said it would exit the South Pars gas project if it does not get a US waiver. French Finance Minister Bruno Le Maire said last month Total’s waiver request has been rejected, together with other requests from French firms.

European Union refiners—Iran’s third-biggest customer after China and India—are expected to significantly drop their Iranian purchases. According to analysts, despite EU bluster over saving the Iran nuclear deal, Europe could be one of the regions where the US might manage to bring Iranian oil exports to "‘zero".

 

ADL Sepahan Oil Company Gas Technology Transfer Oil Technology Transfer lubricants