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Russia's No. 2 oil firm reopens Iran office

Source: Press TV

Russian oil company Lukoil has reopened its offices in Iran in anticipation of the removal of economic sanctions against Tehran over its nuclear program.

Lukoil Deputy Vice President Ravil Maganov said the company was back in Iran, UPI reported Wednesday.

"We look forward to participation in projects in Iran after the sanctions are fully removed", he said. "We are studying geological data on other projects as well."

Lukoil said it started work in the Anaran reserve area near the border with Iraq in 2003, but was later forced to pull out of Iran over sanctions.

The director of Iran's National Petroleum Company last week said foreign investors "will flock to Iran" once a recent joint statement between Tehran and the permanent members of the UN Security Council plus Germany leads to a comprehensive nuclear deal before July.

Foreign oil giants like Shell and Total have already expressed enthusiasm in returning to Iran.

Iran reportedly exports some 1 million barrels of oil per day.

Last month, the country's petroleum minister said Tehran was ready to increase its oil exports by one million barrels per day a few months after the sanctions against the country are lifted.

Iran holds the world's fourth-largest proven crude oil reserves and the second-largest natural gas reserves.

Iran's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil. Heavy and extra-heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.

Its major oil customers are China, India, Japan, South Korea and Turkey but the US and European sanctions are preventing international banks from transferring money to the Islamic Republic.

... Payvand News - 04/16/15 ... --

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