Lukoil Puts Iran Plans on Hold

Lukoil, Russia’s second biggest oil producer, said on Tuesday it had decided not to go ahead with plans to develop projects in Iran at present 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 that followed the publication of Lukoil’s first-quarter results on Monday, Reuters reported. Lukoil said on Monday its first-quarter net profit rose to 109.1 billion rubles ($1.8 billion), up 75% on the previous year with the help of rising oil prices. The unnamed official also the company’s focus remained on its domestic business. “We don’t plan to do anything material on the international merger and acquisition side,” he said. Lukoil has been in talks with Iran over the development of Ab-Teymur and Mansouri oilfields.