Volume. 11912

Russian oil firms ready to return to Iran: Lukoil chief
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MOSCOW – Russian oil firms are ready to return to Iran’s energy market, as international sanctions against the country have been eased, Lukoil Chief Executive Vagit Alekperov told IRNA on Saturday.
In a meeting with Iran’s Ambassador to Russia Mehdi Sanaee, Alekperov referred to recent international developments after easing sanctions against Iran’s oil and gas sector, saying that new oil deals can both secure interests of Iran and foreign investors.
Sanaee, for his part, invited all Russian oil companies to invest in Iran’s oil and gas projects.
Lukoil is Russia's No. 2 oil producer.
In October 2013, Itar-Tass news agency quoted Senior Vice President of Lukoil Overseas Gati Saadi al-Jebouri as saying in Moscow, "If there are changes, if restrictions and sanctions are lifted, then, of course, we will very cautiously return to projects [in Iran]." 
In March 2010, Lukoil pulled out of Anaran oil field project in western Iran due to sanctions imposed by the United States. 
Iran will have a new, attractive investment model for oil contracts by September, its president and oil minister told some of the world's top oil executives in Davos, Switzerland, on January 23, part of its drive to win back Western business.
On the sidelines of OPEC’s ministerial meeting in Vienna in early December 2013, Iran’s Oil Minister Bijan Namdar Zanganeh said Tehran would like to see seven oil giants, including France’s Total, Royal Dutch Shell, Norway’s Statoil, Italy’s Eni and British Petroleum as well as U.S. Exxon and Conoco make investment in the Islamic Republic’s energy sector once the international sanctions are lifted.
"We will do anything necessary to get back Iran's share in the oil market," Zanganeh was quoted as saying by the Shana news agency in October 2013. "Contacts have been made [with foreign energy companies] to that effect and all of them are willing to return." 
Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves, and plans to use foreign companies for various oil and gas related projects.
The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil.

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