On Tuesday, another domino fell in the Trump Administration’s determined efforts to target the despotic and tyrannical government of Iran, the world’s largest state sponsor of terrorism: Lukoil, Russia’s second biggest oil producer, announced it had put on hold plans to develop projects in Iran because of the threat of U.S. sanctions.
A company official stated, “Considering the latest developments, I guess, it’s too early to say what our plans (about Iran) will be. For the moment, basically, we have everything on hold,”
As Reuters reports, Lukoil has been negotiating with Iran over development of the Abe Timur and Mansuri oilfields.
It was reported last week that Lukoil, Denmark-based Maersk and Indonesian state oil and gas company Pertamina had signed a Memorandum of Understanding on the development of the Ab-Teymour block in Iran.
CEO Vagit Alekperov said that Lukoil had ideas for Ab-Teymour and was discussing long-term contracts for supplies of Iranian crude to its European refineries as well as for oil products.
Oil Minister Bijan Zanganeh admitted that with the withdrawal of Western companies such as Total, Iran was more dependent on Russian and Chinese companies.