Norwegian Statoil Ceases Investments in Projects in Iran

Oil&Gas Materials 1 August 2008 17:19 (UTC +04:00)

Azerbaijan, Baku, 1 August/ Trend / The Norwegian Statoil has ceased investments in oil industry of Iran because of the sanctions levied on Iran, Financial Times reported on 1 August.

Statoil is the last largest western company who ceases investments in Iran as a result of the pressures from US, paper reported.

Head of Statoil Helge Lund announced that the company withdrew from the six, seventh and eighth phases of development of South Pars gas field in Iran. He stated that the company will hand-over the development of these fields to the National Oil Company of Iran when the company launches these phases next year, paper reported.

Norway holds a total of 62.9% of the shares in Statoil. The company expanded its activities in Iran for the last years.

The French Total left Iran for the same reasons.