Posted on October 2, 2015 | By Bloomberg
Joe Klamar / AP
From left to right: European Union High Representative Federica Mogherini, Iranian Foreign Minister Mohammad Javad Zarif, Head of the Iranian Atomic Energy Organization Ali Akbar Salehi, Russian Foreign Minister Sergey Lavrov, British Foreign Secretary Philip Hammond and US Secretary of State John Kerry pose for a group picture at the United Nations building in Vienna, Austria, Tuesday, July 14, 2015. After 18 days of intense and often fractious negotiation, diplomats Tuesday declared that world powers and Iran had struck a landmark deal to curb Iran's nuclear program in exchange for billions of dollars in relief from international sanctions, an agreement designed to avert the threat of a nuclear-armed Iran and another U.S. military intervention in the Muslim world. (Joe Klamar/Pool Photo via AP)
Lukoil PJSC, Russia’s second-largest oil producer, plans to sign a deal on exploration and production with Iran following changes in the Persian Gulf nation’s tax laws.
Vagit Alekperov, Lukoil’s billionaire chief executive officer, said he plans to meet with Iran’s Oil Minister Bijan Namdar Zanganeh when the Organization of Petroleum Exporting Countries gathers in Vienna in December.
Oil companies are eyeing projects in Iran, which has the world’s fourth-largest reserves, after the nation came to an agreement with the U.S. and other world powers to curb its nuclear program in exchange for an end to economic sanctions. Lukoil stopped work in Iran as a minority partner in a project called Anaran in 2010 due to sanctions.
Iran plans to increase crude output by 2 million barrels a day and natural gas production by about 7 billion standard cubic feet from about 50 energy projects that will be offered to investors at a conference in Tehran next month, National Iranian Oil Co. Managing Director Roknoddin Javadi said at a conference in Berlin Thursday.