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Iran, German oil companies ink co-op deal despite US sanctions

August 16, 2018/ 11:52

Baku, Azerbaijan. Iran's Sepahan Oil Company (SOC) and the German ADL company signed a cooperation agreement on Aug. 15. CEO of Iran's SOC Mohammad Ebrahimi and CEO of Germany's ADL Michael Hyde signed the cooperation document despite the US' unilateral sanctions imposed on Iran after the country's withdrawal from the nuclear deal.

According to the cooperation document signed between SOC and ADL, the two sides will cooperate in technology transfer in the field of oil and gas industry lubricants.

On the sidelines of a ceremony held to celebrate the event Ebrahimi noted that the European embassies made lots of efforts to pave the way for signing the agreement

He added that the German company will implement the project in cooperation with its Austrian and Swiss partners, told Trend.

On May 8, the US president pulled his country out of the Joint Comprehensive Plan of Action (JCPOA), a nuclear agreement achieved in Vienna in 2015 after two years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

After Donald Trump withdrew the US from the deal, his administration moved to re-implement the previous sanctions against Iran.

The United States reimposed stiff economic sanctions on Iran on Monday, ratcheting up pressure on the Islamic Republic despite statements of deep dismay from European allies.

A first set of reimposed US sanctions affect financial transactions that involve US dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold.

A second batch of US sanctions targeting Iran's oil sector and central bank are to be reimposed in early November.

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