Boeing May Lose $20B in Orders on End of Iran Deal

Boeing May Lose $20B in Orders on End of Iran Deal

Boeing May Lose $20B in Orders on End of Iran Deal

"The existing licenses will be revoked".

"No new contracts are permitted" he said.

U.S. Treasury Secretary Steve Mnuchin said on Tuesday the measures would include cancelling export licenses issued to Boeing and rival Airbus SE to sell about $40 billion worth of jetliners to Iranian carriers. Three of the 100 planes that were part of the agreement have been delivered. It further announced another agreement in April 2017 to sell Iran 30 Boeing 737 MAX aircraft for $3 billion, with purchase rights for another 30 planes.

But perhaps no company has benefited as much from the Iran deal's lifting of sanctions as the French oil giant Total, which signed a $2 billion deal to develop the South Pars oil field, shared between Iran and Qatar. No deliveries have been made.

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"To implement the President's direction, the Departments of State and of the Treasury will take steps necessary to establish a 90-day and a 180-day wind-down period for activities involving Iran that were consistent with the USA sanctions relief provided for under the JCPOA", the statement said.

Boeing has yet to deliver any aircraft to Iran under those deals and said that it will "continue to follow the USA government's lead".

Shares of Dow member dropped 0.8 percent to $337.72 in afternoon trading. The European planemaker is subject to USA export restrictions to Iran because more than 10 percent of the parts on its jets originate with US companies such as United Technologies Corp., Rockwell Collins Inc. and General Electric Co.

"This is going to have a profoundly negative impact on the willingness of the Europeans to work with us in the way that they have been for a very long time". "That is why Iran came to the table".

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He said there might be some exclusions, but he did not elaborate.

French oil giant Total is at risk of losing a contract to help develop Iran's South Pars gas field following the U.S. move.

"I can tell you with confidence that we've continued to build risk mitigation into our 777 production plan", CEO Dennis Muilenburg said during the company's first-quarter conference call last month". With the trade thaw under the 2015 nuclear deal, Iran placed aircraft orders that provided a rare opportunity to reshape its aviation industry and gave planemakers a historic chance for sales to a lucrative market.

Beyond the major policy break with Washington, however, another rift loomed: European businesses that have moved into Iranian since the deal took effect. Since the nuclear deal was signed and Iran was free to sell oil without restriction, the Islamic Republic has been able to make new sales of 700,000 barrels a day to Asia, led by China and India. But he soon turned against the agreement when it became clear that many of its benefits were still being blocked by the remaining USA sanctions.

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Mnuchin said US officials have had discussions with other countries about increasing production to offset the loss of oil from Iran. It's also possible that nixing the deal pushes up oil prices, padding coffers in countries like Saudi Arabia, Qatar and Kuwait.

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