Russian oil companies ready to return to Iran: Lukoil



Headquarters of Russia’s second largest oil company, Lukoil, in Moscow (file photo)

Sat Feb 1, 2014 2:24PM GMT

Russia’s second largest oil producer, Lukoil, says the country’s oil companies are ready to return to Iran energy market in light of sanctions being eased against the country.

In a meeting with new Iranian Ambassador to Russia Mehdi Sanaei on Saturday, Lukoil Chief Executive Vagit Alekperov called for the expansion of cooperation between Tehran and Moscow in the energy sector.

He also voiced the readiness of his company for resuming work in Iran, saying the atmosphere created by an easing of anti-Iran sanctions following a nuclear deal between the Islamic Republic and six world powers has created a good opportunity for the return of international energy companies to Iran.

“New oil contracts with Iran could be profitable both for National Iranian Oil Company and investors,” he said.

Along with the Norwegian Statoil, Lukoil was prospecting for oil in Iran’s Anaran block before it pulled out of the project due to the imposition of illegal sanctions on Iran energy sector by the United States and the European Union.

Lukoil reportedly suffered a USD 63-million loss after its withdrawal.

On January 20, the Council of the European Union suspended part of the sanctions it had imposed against Iran following the nuclear deal between Tehran and the six world powers – the United States, Britain, France, China, Russia and Germany – in Geneva, Switzerland, in November 2013.

The new measure incorporates the suspension of a 2012 ban on insuring and transporting Iran crude oil and the sanctions on trade in gold, precious metals and petrochemical products.

France’s Total and Italy’s Eni have also expressed their willingness to resume work in Iran.


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