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LONDON (Alliance News) - BP decided not to travel to Iran to reopen the UK embassy over concerns that US regulators might take legal action, the Financial Times reported Tuesday.
On Monday, the FT reported that Royal Dutch Shell PLC had visited the reopening of the embassy and stated it would consider investing in the country once sanctions against the country had been lifted, alongside repaying around USD2.0 billion of debt owed to the state oil company.
On Tuesday, the FT said BP did not attend the event because, like other British companies, it fears that US regulators might take legal action even after sanctions were eased.
Citing people "close to the company", it said the oil major did not travel with the UK trade delegation accompanying Foreign Secretary Philip Hammond because of concerns about how the sanctions regime would be applied in future.
"Sanctions are still in place and we will not do anything while that is the case. We are monitoring the situation and will take a look at the opportunities," said BP in a statement according to the FT.
http://www.ft.com/cms/s/0/39f654f4-4a55-11e5-9b5d-89a026fda5c9.html#axzz3jpkbUIij
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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