US sanctions Against Iran Could Threaten LUKoil Project

ENERGY TECH

by Staff Writers
Moscow (RIA Novosti) Oct 23, 2007
Russia's largest independent crude producer LUKoil said on Monday that possible U.S. sanctions against Iran could threaten the company's Anaran oil project in the Islamic Republic. The Anaran project is a joint undertaking involving Norwegian Norsk Hydro (75%) and LUKoil Overseas (25%). The Anaran oil block has oil reserves of 2 billion barrels.

LUKoil said that as its investments in the project exceed $20 million, the company could face difficulties, and that similar restrictions would affect other companies operating in Iran above this investment limit.

Iran has so far been subjected to two rounds of UN Security Council sanctions for its refusal to halt its nuclear program, which many countries suspect is geared toward weapons production. The United States intends to impose sanctions against international energy companies conducting business in Iran.

Source: RIA Novosti

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ENERGY TECH

Analysis: Turkey-Iraq fight won't harm oil

Washington (UPI) Oct 22, 2007
As Turkey's military bares its teeth across the border with Iraq, oil prices sit comfortably above the $80-per-barrel mark. Any incursion will likely not affect the work of Iraq's oil sector today but could stifle investment, especially in the KRG, and put Turkey's oil sector -- a vital transit route for the world's oil supply -- at risk.

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