BRUSSELS -(Dow Jones)- As western governments push ahead with unprecedented sanctions on Iran, U.K. and European Union officials have lobbied U.S. lawmakers in recent weeks to ensure that any new Iran sanctions exempt a key BP PLC (BP)- led natural-gas project.
Officials from the U.K. foreign office, the EU and BP have confirmed lobbying Capitol Hill lawmakers in recent weeks to ensure that new sanctions don’t block a long-sought $20 billionAzerbaijan natural gas project in which an Iranian company has a minority stake. The lobbying underscores the challenge western governments face in seeking to isolate Iran without harming their own energy security and economic well-being.
At issue is Iranian national oil company Naftiran Intertrade Co.’s 10% stake in the Shah Deniz II natural gas project, a BP PLC (BP.LN)-led energy mega- project offshore Azerbaijan that is critical to EU energy security. The EU and the U.S are adopting new measures to isolate Iran and starve it of oil revenues. Yet, lobbying by U.K. and European Union in December succeeded in persuading U.S. lawmakers to exempt Shah Deniz II from any ne… >>>
