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Iran: Oil

Volume 475: debated on Thursday 1 May 2008

To ask the Secretary of State for Foreign and Commonwealth Affairs what the Government’s policy is on investments in Iranian oil and gas; and if he will make a statement. (201999)

The UK would prefer a more positive relationship with the Iranian Government including a constructive trade and investment relationship, but Iran has continued to act in ways that make this difficult to achieve. In particular, they have failed to comply with successive UN Security Council Resolutions. We have made clear that it cannot be business as usual and will continue to pursue a dual track approach, involving further sanctions and at the same time encouraging the Iranians to take up the E3+3’s generous offer, which we are currently refreshing, as a basis for negotiations. On 17 April, during his visit to the US, my right hon. Friend the Prime Minister announced that the UK would seek measures to act against investment in Iran’s Liquefied Natural Gas sector. This is one of several options currently under discussion within the EU.