Europe is on edge ahead of Donald Trump announcing whether the U.S. will withdraw from the Iran nuclear deal. European companies have enjoyed success developing and strengthening commercial ties with Iran since the deal was inked in 2015. In exchange for sanction relief, Tehran agreed to limit uranium enrichment activities and eliminate its stockpiles. That saw European companies flock to do business in Iran, resulting in a mini-investment boom. Back in 2015, the value of trade in both directions was $9.2 billion and that increased sharply to $16.4 billion in 2016 after the deal was signed. Last year, the impressive pace of growth continued, reaching $25 billion.
European companies enjoying success in Iran include French company Total who are involved in the development of a gas field in the southern part of the country, along with Royal Dutch Shell who have invested in the Iranian energy industry. Airbus is another well-known European company involved in replacing Iran’s outdated and dangerous fleet of airliners. Renault also signed a lucrative deal last year worth $780 million which will include a production plant capable of producing 150,000 vehicles every year.
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As European companies moved to exploit an open and growing market, U.S. companies struggled to get involved under a cloud of political uncertainty.
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