IAEA Last Hurdle to Iran Sanctions, Energy Projects

IAEA Last Hurdle to Iran Sanctions, Energy Projects

German foreign minister Frank-Walter Steinmeier arrived in Iran for the first extended visit to the country for a German official of his rank in 12 years, reported Deutsche Welle.

This was ahead of the final removal of sanctions and he took the opportunity to urge Iran to meet its obligations, including allowing nuclear inspections under the nuclear deal reached in July.

“Now it’s Iran’s turn to meet the requirements that were agreed in exchange for an agreement to lift sanctions,” Steinmeier stated, adding: “We will know only in a few months whether the agreement was a success.”

According to Bloomberg, Iran has said it will offer about 50 energy projects to investors in an effort to boost output by about 2 m b/d once sanctions are finally lifted.

IAEA monitors last week ended their 12-year investigation into the possible military applications of Iran’s nuclear program. Inspectors now have until December 15 to draft and present a final assessment of their inquiry.

From there sanctions against Iran should be lifted within the first three months of 2016, in exchange for the elimination of 95% of the country’s enriched-uranium stockpile and pursuing purely a peaceful program for power generation.

“You cannot produce trust in the market,” Steinmeier told a crowd of diplomats on Saturday in Tehran. “The glaring lack of confidence on both sides forced us to elaborate meticulous mechanisms.”

“We consider the agreement as an opening for further diplomatic endeavors,” he added.

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