Thursday, March 25, 2010

Russia's Lukoil leaves Iran

WASHINGTON, March 25 (UPI) -- A decision by Russia's Lukoil to postpone work on an oil project in Iran shows the push to sanction Tehran for its nuclear work is working, advocates said.
Russian crude producer Lukoil announced Wednesday it was suspending work on the Anaran oil project in Iran because of international pressure on energy companies doing business with Iran.
Mark Dubowitz, the executive director of the Washington policy institute Foundation for Defense of Democracies, said pressure to limit Iran's access to gasoline and attract investors to its energy market is having a major impact.
"The Iranian energy industry is in increasingly terrible shape," he added. "Lukoil's exit, while welcome, shows the need for U.S. President Barack Obama and Congress to work together to sign energy sanctions legislation into law as expeditiously as possible and enforce existing energy sanctions on the books since 1996."
U.S. lawmakers in January advanced legislation that would impose sanctions on companies that supply gasoline to Iran.
Apart from Lukoil, global oil and gas traders Vitol lead a group of international companies in moving out of the Iranian energy sector.
Lukoil said it would return to Iran "under a favorable economic situation."

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