U.S. welcomes decision of Japanese oil company to withdraw from Iran

[News_Editor]

U.S. welcomes decision of Japanese oil company to withdraw from Iran

2010-10-16 10:06:37 GMT+7 (ICT)

WASHINGTON D.C. (BNO NEWS) -- The United States on Friday welcomed the decision of Japanese oil company INPEX to withdraw from its investments in Iran.

INPEX is the latest international oil company to halt business with Iran after the United States condemned them for continuing investments despite the sanctions they imposed to Iranian oil and other related investments to prevent them from financing their nuclear program - which Iran argues is for peaceful means.

The sanctions were also backed by the United Nations and target finance shipping and insurance in order to prevent Iran from financing nuclear weapons and to persuade President Mahmoud Ahmadinejad to return to the negotiating table.

"INPEX's decision today once again underscores that there are risks in dealing with Iran. INPEX's decision is consistent with the measures in UN Security Council Resolution 1929 and the Government of Japan's recent sanctions on Iran," said Philip J. Crowley, a spokesman for the U.S. State Department.

However, many non-U.S. energy firms continue to invest in Iranian oil, one of the richest countries in that area. Last Monday, Iran announced that its oil reserves reached 150.31 billion barrels, the second in the world just behind Saudi Arabia.

The United States condemned those firms and aggressively urged foreign governments and companies to avoid commercial activity in Iran's energy sector. As a result, four major firms - Royal Dutch Shell, Total, Statoil, and Italy's ENI - pulled out of Iran to avoid U.S. penalties.

"These actions, now complemented by INPEX are further evidence that sanctions are having a major impact on Iran," Crowley said. "The United States remains committed to a diplomatic solution that resolves the international community's concerns regarding Iran's nuclear program. We will continue to work with our partners to pursue a dual track strategy of engagement and pressure to achieve this objective."

In response, Iran's Oil Minister Masoud Mirkazemi on Monday said all countries can be involved in doing investments and business in Iran but warned that those who act in a hostile way or withdraw will be added to the nation's blacklist.

"We have large financial resources and are not worried about financing in the oil industry," Mirkazemi said.

-- © BNO News All rights reserved 2010-10-16

[hobanse]

The power of zionism.

[SergeiY]

The power of zionism.

Just the USA who hassles everyone else, nothing to do with zionism; but much with the oil in Iran.