BP’s (NYSE:BP) Azerbaijan Gas Venture Won't be Sanctioned by EU

Plans to sanction Iran for their ongoing pursuit of expanding their nuclear program, won't include the gas venture of BP (NYSE:BP) with Azerbaijan.

Why it's even an issue is the Iranian government has a stake in the project.

The unnamed source said the Shah Deniz gas field in Azerbaijan won't be sanctioned. An official announcement will reportedly be made on October 26.

Technology from Europe used in the project won't be allowed to be exported to Iran, according to the source.

The project is part of Europe's initiative to move away from too much reliance on natural gas supply from Russia.

Other industries being sanctioned in Iran besides energy are shipping firms and banks.