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US Oil Service Giant Vows to "Pull Out of Iran" - ASHARQ AL-AWSAT English Archive
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WASHINGTON, (AFP) – Schlumberger — the world’s largest oil-services company – has promised the US government that it will pull out of Iran when its current contracts are complete, The Boston Globe reported. The newspaper said the decision marked a major victory in the US struggle to cut off Iran’s access to funds for its nuclear program.

Internal company documents obtained by The Globe show that Schlumberger has hundreds of millions of dollars worth of contracts in Iran.

Those contracts will keep the company, believed to be the last Western oil-services firm in Iran, working in the country until least 2013, the report said Friday.

Schlumberger has never publicly announced its intention to leave, the paper said.

But the private pledge to US officials marks the final chapter in a 15-year tug-of-war between the US government and Western companies that are helping to build Iran’s oil and gas industry, the report said.

Sanctions banning Americans from helping Iran?s oil sector have been in place since 1995, The Globe recalled. But Schlumberger was able to keep working in Iran because it is registered offshore.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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