EU Said to Work on Political Deal With Iran for Energy Contracts

BRUSSELS  (Bloomberg News/TNS) -

The European Union is working on a political pact that could lead to  energy deals in Iran, two people with knowledge of the talks said. The accord would allow for talks on future contracts and would come only after the nuclear deal between Iran and world powers enters into force, they said.

Europe is seeking new supplies of energy to reduce its dependence on imports from Russia, which provides 27 percent of gas used in the region. Last year, the European Commission, the EU’s executive arm, said nations including Iran could participate.

The deal would cover five areas: oil and natural-gas contracts, renewables and energy efficiency, power markets, energy infrastructure and investing directly in Iran’s energy industry, the people said.