LUKoil intends to continue work in Iran

Oct 23, 2007 02:00 AM

Russia's LUKoil intends to continue work in Iran despite facing problems due to US sanctions on the country over its nuclear issue.
Operations at Anaran oil field will continue and progress is being achieved, said spokesman to LUKoil, Vladimir Simakov in response to reports on suspension of the project by local press.

However, there are worries over being hit with sanctions by the US in future for working on the crude project in Iran, he noted.
Third parties, including Russia or Russian enterprises, could also be affected by the US sanctions in case their investment in Iran exceeds the $ 20 mm threshold set by the US laws, he added.

Simakov said that LUKoil investment in the project is within the specified limit for the time being, but that it is very close to breaking it.
Anaran oil field was discovered by LUKoil in December 2005. Russia's second largest oil producer is holding 25 % of the project and the remaining shares belong to a Norwegian enterprise.

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