As reported in our client alert in December 2013, the "Joint Plan of Action" reached between the E3+3 and Iran in November 2013 envisaged a two-step process in relation to relief from international trade sanctions.

Signature of the contract on the development of the Azadegan oilfield, worth $2.8 billion and with an estimated capacity of 36 billion barrels, will guarantee the energy security of Japan for 20 years.

Signature of the contract on the development of the Azadegan oilfield, worth $2.8 billion and with an estimated capacity of 36 billion barrels, will guarantee the energy security of Japan for 20 years. The deal is so important that it would have been proper for Japanese Prime Minister Junichiro Koizumi to participate in the signing ceremonies himself.

Signature of the contract on the development of the Azadegan oilfield, worth $2.8 billion and with an estimated capacity of 36 billion barrels, will guarantee the energy security of Japan for 20 years. The deal is so important that it would have been proper for Japanese Prime Minister Junichiro Koizumi to participate in the signing ceremonies himself.