Russia ready to invest in Iran's oil and gas sphere under favorable conditions - ambassador

Photo: Russia ready to invest in Iran's oil and gas sphere under favorable conditions - ambassador / Iran

Baku, Azerbaijan, Jan. 4

By Temkin Jafarov, Saeed Isayev - Trend:

If Iran can offer favorable conditions, Russia is ready to invest in the country's oil and gas sector, Russia's ambassador to Iran, Levan Jagarian said, ISNA reported on Jan. 4.

The ambassador noted that good conditions in Iran's oil and gas sphere may allow more Russian companies to participate in various projects there.

The development of Iran's oil and gas sector has been slow due to imposed international sanctions on Iran, for its disputed nuclear program.

The companies previously working in Iran, expressed interest in returning to Iranian market, if the sanctions are lifted.

One of such companies is Lukoil, which considers participation in new oil and gas projects in Iran.

Senior Vice-President of Lukoil Overseas, Gati Saadi Al-Jebouri said at a conference on Energy Intelligence in Moscow in October 2013 that the company might consider returning to Iran if "there are changes, if the restrictions and sanctions are lifted".

Lukoil has previously worked in Iran in 2010, but after the sanctions were introduced against Iran, the company withdrew from its projects there, and also stopped supplying diesel fuel and gasoline to Iran.

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