German company ADL and Iran’s Sepahan Oil Company (SOC) have signed an agreement to cooperate in technology transfer in oil and gas industry lubricants, Iranian media report. European embassies have put a lot of effort in paving the way for signing the cooperation agreement, Mohammad Ebrahimi, the chief executive officer of SOC, was quoted as saying by Fars news agency. According to the Iranian official, ADL will carry out the project in cooperation with its Austrian and Swiss partners. While Iranian media report the signing of an agreement with a European company, many European companies are backing out of Iran or putting agreements and projects on hold in order to comply with U.S. sanctions on Iran and avoid becoming subjects of some sort of secondary sanctions if they continue to do business with Iran. Denmark’s engineering company Haldor Topsoe, a leading industrial catalyst producer, is ceasing activities in Iran […]