After a slow start, western energy companies are now beginning their return to Iran. French utility Total has signed a billion dollar deal for a gas field, the first company in the west to do so since the sanctions were lifted early this year.
BY NIKLAS KRIGSLUND, SHIPPINGWATCH
Energy companies in the west are gradually returning to Iran after some of the sanctions against the oil-rich country were lifted at the beginning of this year.
The multinational commodity trader navigated through a turbulent market in fiscal 2022, which ended in September, but nonetheless closed the year with a record result. Challenging conditions will carry on into 2023.
Serious dissatisfaction is emanating from European capitals regarding the Energy Charter Treaty for protecting fossil energy investments, thus prompting the EU Commission to assess its options for a collective exit.