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Oil production platform in Iran - Reuters PhotoA Russian Oil Company Withdraws From Projects In Iran Because Of US Sanctions
By Reuters On November 2, 2018
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Two Russian companies have withdrawn from two projects in Iran due to imminent US sanctions, sources at the state-owned Russian state-owned company Zarobneft said on Friday.
In March, Iran's National Oil Company (NIOC) signed an agreement with Zerobinjevat to develop the western oil fields of Aban and Baidar in western Iran.
The 10-year deal aims to increase production in both fields to 48,000 bpd from its current 36,000 bpd. According to the news site of the Iranian Oil Ministry (Shana), the cost of development of the two fields was estimated at about 674 million dollars with an additional $ 68 million in indirect costs.
But a source at the Moscow-based firm said the impending US sanctions on Iran would put an end to the two projects.
"Zarubinjft withdrew from all projects in Iran because of the sanctions," he said. The company declined to comment.
New sanctions on Iran's oil industry are due to take effect on Monday after Washington pulled out of an international nuclear deal with Tehran earlier this year.
"We will lose revenue in foreign currency if we are subject to sanctions," the source said, adding that this would also have a negative impact on the company's partners in other projects.
The main area of Zarobenjevat's activity has been Vietnam's offshore oil reserves since the 1980s.
Another source said the company had no plans to operate in Iran.
In May, Russia's Lukoil said it had decided not to proceed with plans to develop projects in Iran at the moment because of the threat of US sanctions.
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