LUKOIL RETURN TO IRAN

Russia's second largest oil producer, Lukoil, says it is willing to return to Iran's Anaran oil project after the US-led sanctions against the Islamic Republic's energy sector are lifted.

"We are ready to implement the project (Anaran) on our own once the sanctions are lifted," Russian media quoted Lukoil Chief Executive Vagit Alekperov.

Along with Norway's Statoil, Lukoil was prospecting for oil in Iran's Anaran block before it pulled out of the project due to the imposition of illegal sanctions on Iran's energy sector by the United States and the European Union. Lukoil reportedly suffered a USD 63-million loss after the withdrawal.

On January 20, the Council of the European Union suspended part of the sanctions it had imposed against Iran following the nuclear deal between Tehran and the six powers - Russia, China, Germany, France, Britain and the US - in Geneva, Switzerland, in November 2013.

The new measure incorporates the suspension of a 2012 ban on insuring and transporting Iran's crude oil and the sanctions on trade in gold, precious metals and petrochemical products.

France's Total and Italy's Eni have also expressed their willingness to resume work in Iran.

More information here.