Russia's LUKoil seeks to resume its cooperation with Iran's oil and gas industry.

Russia's largest oil company LUKoil continues talks with Iran over its return to the Iranian oil and gas industry, the company's press service told RIA Novosti on Thursday.

Last week, Iran and six world powers, comprising Russia, the United States, China, the United Kingdom, France and Germany, reached a comprehensive nuclear agreement obliging the Islamic Republic to guarantee the peaceful nature of its nuclear activity in exchange for sanctions relief.

Earlier in the day, Iranian Deputy Oil Minister Amir Hossein Zamaninia said that Tehran was looking for foreign partnerships for oil and gas projects. He added that the country was ready to resume cooperation with the states that earlier worked with Iran, including Russia.

The Anaran field, with estimated oil reserves of 2 billion barrels, was operated by a consortium of Norwegian StatoilHydro (75%) and LUKoil Overseas (25%). In 2007, following the imposition of international sanctions against the Islamic Republic, LUKoil was forced to withdraw from the project, reportedly sustaining a $63 million loss.

In April, as the preliminary deal between Iran and the six negotiators was signed, LUKoil reopened its office in Tehran, with its first vice president Ravil Maganov saying the company looked forward to resuming participation in Iranian energy projects.

Source: sputniknews.com

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