Wednesday, May 30, 2018

Russia’s Lukoil Puts Iran Plans on Hold over New US Sanctions

Russia’s Lukoil Puts Iran Plans on Hold over New US Sanctions
Lukoil, Russia’s second biggest oil producer, said it had decided not to go ahead with plans to develop projects in Iran at the moment due to the threat of US sanctions, a company official said.

“Considering the latest developments, I guess, it’s too early to say what our plans (about Iran) will be. For the moment, basically, we have everything on hold,” the official told a conference call on Tuesday, Reuters reported.

The official said that the company’s focus remained on its domestic business.

“We don’t plant to do anything material on the international M&A side,” he said.

  • Lukoil has been in talks with Iran over development of Abe Timur and Mansuri oilfields.

The United States plans to impose new sanctions on Iran after pulling out of the 2015 nuclear agreement between Tehran and world powers earlier this month.


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