European refiners digesting impact of latest US Iran sanctions

U.S. President Donald Trump displays a presidential memorandum after announcing his intent to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018.

In April 2017, Boeing signed a $3 billion deal to sell 30 jetliners to Iran.

In December 2016, Airbus signed a deal with Iran's national carrier, IranAir, to sell it 100 planes for around $19 billion at list prices. The U.S. president said on May 8 he was rescinding support for the so-called Joint Comprehensive Plan of Action and re-imposing tough sanctions on Iran lifted as part of the 2015 deal with France, Germany, Britain, China and Russian Federation. It has already delivered two A330-200s and one A321 to Iran.

Meanwhile, Iranian President Hassan Rouhani said that the JCPOA will stay in place if the other sides to the agreement ensure that Iran's interests will continue to be met in absence of United States participation.

"We do not want to let Iran use the U.S. financial markets and financial system and transact in dollars until they agree that not only will they not have a nuclear weapon now, but we've put in provisions that they will never have one", Mnuchin said. "That is why Iran came to the table". He did not say which countries, but Saudi Arabia has the greatest spare production capacity.

"The existing licenses will be revoked".

French oil giant Total is at risk of losing a contract to help develop Iran's South Pars gas field following the USA move.

Molchanov added that he's more concerned about instability in oil producer Venezuela, which faces what could be a violent presidential election on May 20, as the embattled socialist government of Nicolas Maduro hopes to stay in power long enough to benefit from the new rise in the price of oil.

The new sanctions against Iran will allow for certain exemptions and waivers to be negotiated, but Mnuchin wouldn't discuss what products or countries might qualify for waivers.

Mnuchin did not spell out what the administration would consider as a "significant reduction" in purchases of oil.

On May 8, President Donald Trump on Tuesday pulled the United States out of an worldwide nuclear deal with Iran, raising the threat of conflict in the Middle East, worrying European allies and casting uncertainty over global oil supplies.

The agreement to stop Iran developing nuclear weapons was 12 years.

He also said that while Boeing's prospects for the 777 and the 777X are indeed cause for concern, "it's not much to do with Iran".

While abandoning such deals would hurt financially, they would not likely have a lasting impact on the companies. "We will be instituting the highest level of economic sanction".

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