Lukoil Eyes Return to Iran

Lukoil Eyes Return to IranLukoil Eyes Return to Iran

The head of Lukoil said on Monday the Russian energy group wanted to return to Iran as soon as sanctions on Tehran are lifted, the latest foreign company to signal interest in developing the country’s oil and gas after a nuclear deal with the West.

Vagit Alekperov, Lukoil president, told reporters at the IHS CERAWeek energy conference in Houston that the group’s office in Iran, recently reopened, was studying geological data so it could take advantage of any opportunities when international sanctions are eased, RT reported.

He said, “We hope that sanctions will be lifted in the medium term, in the near term, and that we will be able to come back to Iran and come back to the field we were working on.”

Alekperov disclosed that he met Iranian Oil Minister Bijan Namdar Zanganeh at the World Economic Forum in Davos, where he signaled that Lukoil was “ready to participate” in the development of the oil industry.

Lukoil and Norway’s Statoil began work on the Anaran oilfield in 2003, but were forced to withdraw when economic sanctions were imposed on Iran.

“Our priority, after sanctions are lifted, would be to come back to work on that field and start developing it,” he said.

The Russian group is the latest of several foreign companies to voice interest in a return to Iran.