Germany’s largest energy company to pull out from Iran

According to Mikrofonnews Agency (MHA), Germany’s Wintershall energy company has announced it is pulling out from Iran following an agreement with Iran’s Oil Ministry.

Wintershall, one of the biggest oil companies of Germany, had signed a memorandum of understanding with Iran’s National Oil company in 2016 for a possible investment in the country.

Following the recent economic and political challenges in Iran, the company announced it will pull out from Iran as the condition is not allowing the company to be engaged in any kind of investment in the country.

Many foreign companies left Iran in the recent months as the US President Donald Trump warned European companies to stop dealing with Iran or be ready for sanctions. Donald Trump terminated Iran’s nuclear deal on May 8, accusing Iran of supporting terrorism in the region.