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EU lifts ban on petchem trade with Iran following nuclear deal

12:57 PM MST | January 23, 2014 | Ian Young

The European Union this week lifted a ban on trade in petrochemicals with Iran, as part of a preliminary agreement on Iran's nuclear program that was reached in November 2013. Iran agreed to curtail its nuclear activities starting on 20 January 2014, under the terms of the deal, in exchange for limited easing of sanctions against the country. Iran reached the agreement with China, France, Germany, Russia, the United Kingdom, and the United States. The deal allows EU-based companies to buy, import, insure, and transport petrochemicals originating in Iran. The ban...

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