Lukoil Said to Maneuver for Return to Iran as CEO Meets Minister
By Stephen Bierman and Elena Mazneva Nov 26, 2014 12:49 PM ET
OAO Lukoil (LKOD), the Russian oil producer with the most assets abroad, is positioning itself for a return to Iran.
Chief Executive Vagit Alekperov met with Iranian Oil Minister Bijan Zanganeh in Vienna today. They discussed potential developments, including the Azar and Changuleh onshore deposits, according to a person familiar with the meeting, asking not be identified because the discussions are private.
Lukoil discovered the fields in 2005, together with Statoil ASA, before writing off projects in Iran in 2010 following sanctions by the U.S. and its allies over the nation’s nuclear research program.
Russia’s second-largest oil producer has expanded abroad as strategic laws have limiting access to reserves at home. The company has projects in Iraq, West Africa, Azerbaijan, Kazakhstan and Saudi Arabia.
Lukoil will also discuss offshore exploration opportunities in the Iranian part of the Caspian Sea and the Persian Gulf as well as the Abadan region. Lukoil is the largest producer in the Russian Caspian and also has a natural-gas project in Azerbaijan’s part of the Caspian.
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http://www.bloomberg.com/news/2014-11-26/lukoil-said-to-maneuver-for-return-to-iran-as-ceo-meets-minister.html
