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Thursday, August 7, 2008

Norway oil firm quits Iran project under pressure from U.S.

NICOSIA — Iran said it would take over a crude oil project in wake of the departure of a European contractor.

Iranian Oil Minister Gholam Hossein Nozari said Teheran would complete the Anaran oil project, Middle East Newsline reported.

On Aug. 1, Norway's energy group StatoilHydro, under U.S. pressure, announced it would halt investments in Iran.

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"If this company avoids developing this project, Iran will be able to bring this project to fruition using domestic capability," Nozari said.

StatoilHydro had been negotiating for a stake in Anaran, designed to develop the Azar oil field.

The Norwegian company, however, assured Iran that existing contracts would be honored, including operations at the South Pars natural gas field.

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