Russia's Lukoil eyes Iran projects

Russian Oil company considers returning to operate in country.
Oil & gas, NEWS


Lukoil is believed to be considering participation in oil and gas projects in Iran.

Reports from Moscow suggest the Russian Oil company is one of many foreign companies that have expressed interest in Iran following the reduction of tensions between Iran and the international community as a result of nuclear talks.

Gati Saadi Al-Jebouri, senior vice-president of Lukoil Overseas, told delegates at a conference on Energy Intelligence in Moscow that should sanctions be lifted, Lukoil would return to Iran.

Lukoil suffered a $63 million loss when it was forced to withdraw from a project in the Aran oilfield.

A joint venture between Lukoil and Norway's Statoil was aimed at developing part of the Anaran block that extends across the Iraqi border. The two companies wrote off the project in 2010 because of the international sanctions imposed on the Iranian banking system.

In the same year, the company stopped supplying diesel fuel and gasoline to Iran.

Earlier, another Russian company Zarubezhneftegaz announced its readiness to participate in the development of a newly discovered gas field in Iran.

The Russian company signed an MOU with Iran in 2010.

The company will soon open an office in Tehran, an official with Zarubezhneftegaz said, adding that it is ready to participate in the exploration, drilling, extraction, and refining sectors of Iran's oil and gas industry.

Iran is one of the world's biggest oil and gas exporters and its economy is heavily dependent on energy revenues.


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