BP License to Work With Iranian, Russian Partners Extended by US

The US extended a license allowing BP Plc to use a workaround to handle payments involving sanctioned Iranian and Russian partners in a major gas project in Azerbaijan.

The Treasury Department’s Office of Foreign Assets Control granted the licenses to cover the UK energy giant’s partnership with sanctioned partners in Azerbaijan’s largest gas field, Shah Deniz, BP said on Wednesday in response to questions from Bloomberg. The London-based company is the operator and majority owner of the project in the Caspian Sea.