On the occasion of the first anniversary of the implementation of Iran’s nuclear deal, the European Union reformed its previous decisions and removed Oil Industry Pension Fund Investment Company (OPIC) from the sanctions list. OPIC had been listed on EU’s Iran sanctions since 2012 due to “providing support to the Government of Iran by providing financial resources and financing services for oil and gas development projects to a variety of entities linked to the Government of Iran.”
The sanction of the OPIC had led to extensive limitation of capacities and capabilities of this company in improving the country’s oil industry.
In addition to OPIC, two other companies including West Sun Trade and Neka Novin Company that had been under sanction since 2011, were removed from EU’s sanctions list on January 17, 2017.
Petropars Aria Kish Operation and Management (POMC) and Petropars Resources Engineering Kish (PRE) were taken off from EU's sanction list in July 2015.
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