Renault Preparing to Ship Car Parts to Iran

Renault SA tells Bloomberg News it will take initial steps to again export automotive components to Iran, pending clarification in January about reduced trade sanctions against the country.

Last month six major countries reached a six-month agreement in Geneva to ease a broad array of sanctions, including some related to the auto industry. The bans were intended to force Iran to limit its nuclear development program.

Bloomberg notes that Renault sold more than 100,000 vehicles in Iran last year. But the company bowed in June to new U.S. sanctions by suspending shipments of car parts to the country.

Renault, pointing out that half the cars in Iran are more than 25 years old, sees "immense" growth potential there.