BP (NYSE:BP) Not Clear Yet on Continuing Venture with Iran in North Sea

Unsure of what its requirements are in its joint venture with Iranian Oil Co. U.K. Ltd., BP (NYSE:BP) asking for a ruling and guidance on how to proceed.

The European Union announced sanctions against Iran because of its perceived pursuit of a nuclear policy which includes weapons-grade uranium, that could be made into a potent bomb.

Sanction have been put in place which regulate business in such a way as to not allow the nuclear program of Iran to be supported by European technology in any way.

It seems part of the question is whether or not a business enterprise in general that generates revenue would be considered an aid to the Iranian nuclear program.

BP spokesman Richard Grant, based in Aberdeen, said the situation is "quite complex," and the company wants the joint venture with Iran concerning the Rhum field clarified.

If found to be under the new regulations, production at the project would be halted.

BP’s (NYSE:BP) Azerbaijan Gas Venture Won't be Sanctioned by EU

Plans to sanction Iran for their ongoing pursuit of expanding their nuclear program, won't include the gas venture of BP (NYSE:BP) with Azerbaijan.

Why it's even an issue is the Iranian government has a stake in the project.

The unnamed source said the Shah Deniz gas field in Azerbaijan won't be sanctioned. An official announcement will reportedly be made on October 26.

Technology from Europe used in the project won't be allowed to be exported to Iran, according to the source.

The project is part of Europe's initiative to move away from too much reliance on natural gas supply from Russia.

Other industries being sanctioned in Iran besides energy are shipping firms and banks.