Iran LNG Co. Files Suit Against EU Ban

Iran LNG Company (ILC) has filed a lawsuit with an international tribunal against the European Union (EU) for its ban on the company.

Press TV quoted the company as saying that international court has demanded that the European bloc submit documents justifying the ban on the ILC. 

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.  The sanctions came into force in early summer 2012. 

On October 15, 2012, the EU foreign ministers reached an agreement on another round of sanctions against Iran. 

Iran is expected to make delivery of its first consignment of LNG on international markets before March 2014, Press TV said. The capital investment needed for Iran’s first LNG plant is estimated at $5 billion.