Iranian gas company faces collapse

Iran's national gas company is facing imminent collapse because of U.S. and international sanctions, The Wall Street Journal reports.

The CEO of the state-owned National Iranian Gas Company reportedly announced over the weekend that the company has declared bankruptcy. Despite subsequent denials from the company, Iran's oil minister said it had been “destroyed” by the crippling sanctions.

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The news comes as President Obama meets Tuesday with top senators to delay new sanctions while he pursues a diplomatic deal with Iran over its nuclear program. Lawmakers have pointed to the sanctions' effectiveness as reason to keep increasing the pressure.

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