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Russia hopeful over Iran oil comeback

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Russia’s Energy Minister Alexander Novak says the country has good chances to take up projects in Iran’s oil sector.

Russia said on Saturday that it has good chances to take up projects in Iran’s oil sector. Russia’s Energy Minister Alexander Novak said Moscow will study the new projects that Iran plans to unveil in the near future. 

“Iran is readying proposals regarding participation of companies in its production projects,” Novak told reporters.

“When they announce them [the proposals] it will be clear whether they meet the interests of our companies. On the whole we believe that we have a good chance to return to cooperation in Iran projects," the Russian minister added.

This follows an announcement by Russia’s Ambassador to Tehran Levan Dzhagaryan last week that Tehran had proposed to Moscow to hold a meeting of the bilateral intergovernmental committee on trade in November to discuss prospects of cooperation between the two countries in energy sector.   

Novak told reporters that the meeting will be held in late October-early November.

Earlier, reports said Russia’s second-largest oil producer Lukoil plans to sign a deal on oil exploration and production with Iran. 

Vagit Alekperov, Lukoil’s chief executive officer, said he plans to meet with Iran’s Oil Minister Bijan Namdar Zanganeh when the Organization of Petroleum Exporting Countries (OPEC) gathers in Vienna in December, Bloomberg reported. 

Lukoil had teamed up with Norway’s Norsk Hydro (before it merged with Statoil) over the exploration of Iran’s Anaran block.  However, it withdrew from the project as a result of sanctions against Iran.

Russia’s Gazprom was part of an international consortium that developed Iran’s South Pars Phases 2 and 3. Other consortium members were Total and Petronas. 


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