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May 18, 2018 www.intellinews.com I Page 4
However, many views expressed at the summit indicated that while the re-adoption of the regulation may help smaller and medium sized European businesses trading with or investing in Iran, it may not be enough to keep big European companies, and especially those with assets in the US or American shareholders, involved with the Iranians. Juncker, for instance, said: “The effects of the US sanctions will be felt. It is the duty of the EU therefore to protect European business and that applies particularly to smaller and medium-size businesses.”
Total heading for the exit
In the biggest blow yet to Iran’s hopes of holding on to European investments despite the US walking out of the nuclear deal, French energy major Total on May 16 said it would abandon the multi-billion dollar South Pars Phase 11 gas field development project in the Persian Gulf unless it can secure a sanctions waiver from Washington with the support of France and the EU. Meanwhile, German insurer Allianz and
the world’s largest container shipping firm, Denmark’s A P Moller-Maersk Tankers, said they
Bulgaria to revive Belene nuclear power project
tract to build the power plant and already started work. Since then, the project to build the country’s second nuclear power plant has been in limbo.
Prime Minister Boyko Borissov said earlier this month that the government will seek to lift the ban on Belene’s construction in order to be able to launch talks with China National Nuclear Corp (CNNC) on the project.
“The most appropriate option for rational usage of the available equipment for Belene NPP is resuming the activities for searching options for the construc-
were winding down their businesses in Iran, while German giant Siemens said it would not be able to do undertake any new commercial activity with Tehran.
Commenting on the Total decision, French President Emmanuel Macron said on May 17: “We’re not going to force French businesses to stay in Iran. The president of the French republic is not the CEO of Total.”
Macron added: “International companies with interests in many countries make their own choices according to their interests. They should continue to have this freedom... But what is important is that companies, and especially medium sized companies which are perhaps less exposed to other markets, American or others, can make this choice freely.”
EU budget commissioner Gunther Oettinger said it was essential that the EU remain united when it comes to the Trump administration. “One thing is very clear to me: Trump despises weaklings,” he said.
tion of Belene NPP together with a strategic inves- tor, on a market principle and without state guaran- tees,” the government said in a statement after its May 16 session.
The parliament has given the government a deadline of end-June to decide how to proceed. Meanwhile, several opposition parties have called on Borissov
to abandon the project, claiming that its completion would double domestic electricity prices.
In March, Energy Minister Temenuzhka Petkova said that CNNC had officially confirmed its interest in the construction of Belene NPP. The second potential investor is the European Investment Bank. However, the bank’s interest will depend on the financing plan the government drafts, Petkova said.
Industry experts consider CNNC to be the first po-