MOSCOW — Russia has abandoned a major energy project in Iran.
Russia's LUKoil has shelved plans to become a leading contractor in
Iran.
The largest private crude producer said it would not pursue plans to
develop the Anaran oil project in Iran, with estimated reserves of two
billion barrels.
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"We have kept our rights to this project and are ready to return to it
under a favorable economic situation," LUKoil overseas operations chief
Stanislav Kuzyayev said.
In a statement on March 24, LUKoil, with major projects in neighboring
Iraq, said the decision to abandon Anaran stemmed from international
sanctions on Teheran.
Executives said the company would wait until U.S.
sanctions were lifted from Iran.
