Wintershall halts activities in Iran amid US sanctions

Tuesday, 13. November 2018 08:58

Wintershall Holding GmbH revealed on Tuesday that it was "forced" to suspend work in Iran after the United States reintroduced severe sanctions for the country's alleged breach of an international agreement regarding its disputed nuclear program. The announcement from German BASF SE's oil and gas subsidiary comes after SWIFT (Society for Worldwide Interbank Financial Telecommunication) cut off Iranian financial institutions from its network.

The company based in Kassel so far secured half of the €950 million in financing needed for the Nord Stream 2 pipeline project with Russia's Gazprom, said Mario Mehren, chairman of the Board of Executive Directors.

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