16 Jul 2024
Saturday 7 July 2012 - 13:25
Story Code : 3457

U.S. Says Edison International Exits Iran, Wall Street Journal reports

U.S. Says Edison International Exits Iran, Wall Street Journal reports
This article was written bySamuel Rubenfeld for the Wall Street journal blogs on July 6, 2012.

The U.S. State Department said Friday it welcomed a decision by Italian company Edison International SpA to withdraw from Irans energy sector.

Edison withdrew from its contract to explore Irans Dayyer natural gas field, the State Department said, and it pledged not to engage in activity with Iran in the future that is subject to U.S. sanctions.

The State Department said, as a result of the companys decision, it granted a special rule under the Iran Sanctions Act to Edison that says the company will not be subject to an investigation into past Iran-based activities, so long as it lives up to the assurances it gave to the U.S. government.

We commend the commitments made by Edison International, and we hope that other firms will follow its lead, said State Department spokeswoman Victoria Nulandin a statement.

A spokesman for Edison did not immediately respond to a request for comment. More coverage of the State Department announcement is availablehereandhere.

Edison is the sixth company, the State Department said, to withdraw its investment in Iran under the special rule provision of the Iran Sanctions Act,joiningItalys Eni SpA, Norways Statoil ASA, Frances Total SA, Japans Inpex Corp. and Royal Dutch Shell PLC in doing so.

These companies have recognized the risks of doing business in Irans energy sector given Irans proliferation activities, support for terror networks around the world, and other destabilizing actions, said Nuland.

Edisonsigned a deal in 2008with National Iranian Oil Co. to explore the Dayyer offshore block, an 8,600-square-kilometer (3,320-square-mile) area in the Persian Gulf.

The U.S. and European Union over the last two weeksimplementedtough sanctionsagainst Iran that each had passed earlier this year in a bid to pressure Tehran to stop its nuclear program, which the West fears is being used to produce the capability to make a nuclear weapon. Iran denies the allegation and has repeatedly said its program is peaceful.

 

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