Lukoil puts Iran plans on hold over US sanctions: Report
A Lukoil official has been quoted as saying that Russia’s second oil producer has put its plans to develop projects in Iran on hold in the face of US sanctions.
“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 unnamed official told a conference call Monday, according to Reuters.
Russian companies have signed a record number of oil and gas contracts with Iran since the lifting of sanctions on the Islamic Republic in early 2016 and Lukoil has proposed to develop Mansouri and Abteymour oil fields in Ahvaz.
Zarubezhneft and Gazprom Neft are the other Russian companies which have submitted plans to the National Iranian Oil Company (NIOC) to develop oil fields in Iran.
In 2011, Lukoil pulled out of a joint project with Norway’s Statoil, which led to the discovery of oil in Iran’s Azar and Changuleh fields, after the US and Europeans intensified sanctions on the Islamic Republic.
US President Donald Trump’s announcement on May 8 to abandon the 2015 nuclear deal with Iran and reimpose sanctions on the country has sparked a flight of foreign companies.
Shipping firms, including Denmark’s Maersk Line and Swiss-based Mediterranean Shipping Company (MSC), have announced winding down Iran business.
However, Iran knows to cope with the situation and its sprawling tanker fleet can take any disruption in its stride.
The National Iranian Tanker Company (NITC) operates around 5% of the world’s tanker fleet, including 38 very large crude carriers, or VLCCs.
The Islamic Republic of Iran Shipping Lines (IRISL) operates about 120 container ships, dry-bulk carriers and chemical tankers.
It has also placed orders for four container ships and six chemical tankers with South Korea’s Hyundai Heavy Industries Co. Ltd, which are set to boost Iran’s floating storage capacity.
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