BREAKING NEWS

Report: BP might shut down gas field due to Iran sanctions

By JPOST.COM STAFF

OCTOBER 26, 2010 11:27

Energy company BP may close a gas field jointly owned with Iran and operating off the northeast coast of Scotland due to European sanctions on the Islamic Republic, according to a report cited by AFP Tuesday.

BP senior managers were discussing the future of the gas field after European foreign ministers announced tough measures against the Iranian energy sector on Monday, said AFP citing The Times.

Sources tied to BP were cited as saying, "There would be some financial impact on BP and there would be some lost tax revenues to the government," adding that the oil field could be closed down "quickly and inexpensively."

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