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| Syria-Lebanon-Iran |
| EU agrees on tougher sanctions on Iran |
| 2010-07-24 |
| [Al Arabiya Latest] The European Union reached agreement Thursday on a package of sanctions against Iran which targets Tehran's energy sector over its refusal to halt sensitive nuclear work, an EU diplomat said. Meanwhile, in defiance to the U.N. , U.S. and now the EU sanctions, Iran planned on Friday to issue 11.5 billion euros ($14.8 billion) worth of bonds by March 2011 to help finance development of its energy sector, the semi-official Mehr news agency quoted a senior official as saying on Friday. Analysts say Iran needs funds to help modernize and expand its oil and gas sector, but Western companies in particular are increasingly wary of investing in the major oil producer due to Iran's nuclear dispute with the West. "By end of this (Iranian) year (March 2011), we will issue bonds worth 11.5 billion euros to help finance oil and gas projects as well as building power plants," said first Vice-President Mohammad Reza Rahimi. Oil Minister Massoud Mirkazemi said in May that Iran needs around $25 billion a year in oil and gas industry investment and could turn into an importer of oil because of the lack of such funds. One of the world's biggest oil and gas producers, Iran has been hit by U.S. and U.N. sanctions that have frightened away international energy firms. The Islamic state has increasingly turned to Asian firms instead but they often lack the technology to implement oil and gas projects. |
| Posted by:Fred |