Source:

August 26, 2010

Baku – The Swiss energy group EGL does not consider that its ?18 billion gas contract with the National Iranian Gas Export Company fall under American sanctions in regard to Iran, despite similar opinions in the U.S. Congress.

In particular, Mark Dubowitz, the executive director of the Washington-based Foundation for the Defense of Democracies, called on to include this contract in the list of violations of regime of sanctions and pointed out that EGL would be wise to draw a lesson from the $536 million fine imposed by the US government on Credit Suisse.

Lilly Frei, a spokeswoman for EGL, told the Post, “We are not violating any regulations, and follow rules; we feel we are not really deserving to come on the sanctions’ list.”

“Using of the revenues by Iran  from the EGL deal to finance terrorism and its allies Hamas and Hizbullah. That is speculation. We do not  pay money for supporting terrorism. I cannot really comment on such a speculation,”  L.  Frei said.

The company hired specially a consultant  for appraisal of the contract with a view to its conformity to sanctions of the European Union against Iran.

“EGL did not find out if the Iranian Revolutionary Guard Corps is affiliated with NIGEC,” L. Frei said.

The company does not see violations of corporate ethics in the contract as well.

EGL spokeswoman Frei told the Post that EGL adheres to “local and international laws.

“We have a contract with the company, not with Ahmadinejad,” she said.

EGL also negotiates with gas supplies from Azerbaijan.