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Russia's LUKoil says Iran project dropped over sanctions

© RIA Novosti . Ilya Pitalev / Go to the photo bankLUKoil vice president Leonid Fedun
LUKoil vice president Leonid Fedun - Sputnik International
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Russia's largest private crude producer LUKoil abandoned the Anaran oil project in Iran due to international sanctions, the company said on Wednesday.

Russia's largest private crude producer LUKoil abandoned the Anaran oil project in Iran due to international sanctions, the company said on Wednesday.

In its consolidated US GAAP financial accounts for 2009, posted on its website, LUKoil said its "income before one-off impairment losses (including impairment loss for the Anaran project in Iran, which was abandoned due to international sanctions) reached $7,352 million."

Company vice president Leonid Fedun, earlier said further work on the oil field was impossible until U.S. sanctions were lifted.

The United States has imposed tough sanctions on international energy companies operating in Iran, including fines and other "disincentives."

The Anaran field, with estimated oil reserves of 2 billion barrels, was operated by a consortium of Norwegian StatoilHydro (75%) and LUKoil Overseas (25%).

MOSCOW, March 24 (RIA Novosti)

 

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