Jan 2, 2017
BP opts out of Iran ahead of Trump-era diplomacy
BP has opted out of the first wave of agreements to develop oil and gas reserves in Iran after the lifting of international sanctions - setting it apart from its two biggest European rivals Royal Dutch Shell and Total. Iran has struck a series of deals with foreign energy groups in recent weeks, including Total and Shell, and plans to award more contracts early in 2017 as Tehran's efforts to attract much-needed foreign investment gather pace. BP, which has its corporate roots in the Anglo-Persian Oil Company responsible for the first Iranian oil discovery in 1908, is taking a more cautious approach ahead of a Donald Trump presidency which threatens renewed diplomatic tensions with Tehran. These people acknowledged the continued existence of some US sanctions against Iran - and the prospects of a hardline stance against Tehran by the Trump administration - was a particular deterrent for BP. Although based in the UK, BP has the biggest US exposure of any European oil group; about 40 per cent of its shareholders and 30 per cent of its employees are American, including Bob Dudley, chief executive. BP has made some tentative steps to rebuild ties with Iran - including the reopening of an office in Tehran and the acquisition of a cargo of Iranian oil in October - but more slowly than non-US rivals.
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