Iran brags of European energy deals

TEHRAN, Aug. 31 (UPI) -- Iran says it has conducted negotiations with as many as 30 different companies in nine European countries for oil and gas developments.

U.S. lawmakers are considering a new round of harsh economic sanctions on companies that export petroleum products to Iran as punishment for its controversial nuclear program. The International Atomic Energy Agency says the Iranian government is still defying the international community over its nuclear program.

Despite the international pressure, the Mehr News Agency in Iran points to a series of deals with European companies that are working in the midst of the sanctions regime.

ABS, the Turkish manufacturer, signed a series of preliminary deals with Iran to develop portions of its massive offshore South Pars gas complex, the report says.

Turkey will host a portion of the $10.3 billion Nabucco gas pipeline for Europe. Iran was mentioned as an early supplier to that pipeline, though that involvement would face pressure from the West.

OMV, the Austrian consortium and Nabucco shareholder, was mentioned in the Mehr report as a possible Iranian customer. OMV signed a memorandum of understanding in 2007 for South Pars, though that project is beset by a series of hurdles.

Iran sits on some of the largest oil and gas reserves in the world, though domestic and international development is handicapped by economic sanctions.