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Friday, August 19, 2011     FOR YOUR EYES ONLY

Belarus pulls out of Iran energy development
after sanctions

NICOSIA — Belarus has withdrawn from Iran's energy sector.


Officials said the state-owned Belarusneft has announced its withdrawal from a project to develop Iran's Jufeir crude oil field. They said Belarus, sanctioned in March by the United States, terminated all activities in June over technical and other differences, and that Jufeir was canceled on Aug. 16.

"Belarusneft has brought to an end to all its oil activities in Iran since [late June], and it is predicted that the European company's contract on the development of phase one of the Jufeir oil field will be canceled on [Aug. 16]," an official from Iran's National Oil Co. told the Mehr news agency.

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Jufeir marked a $500 million buy-back contract signed in 2007 and meant to develop an oil field near the southwestern border with Iraq.

The official said Iran and Belarusneft disagreed over how to develop Jufeir as well as compensation for the European firm.

Belarusnaft was also said to have failed to honor the project schedule.

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