Russian oil giant to stop supply to Iran over possible sanction

10:40, April 09, 2010      

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The Russian oil giant Lukoil decided to stop oil supply to Iran so as to avoid possible loss caused by U.S. sanctions against the country, the Russian business daily RBC said Thursday.

Lukoil, the second largest oil company of Russia, were supplying oil to Iran every two month through middlemen, with the amount ranging from 250,000 to 500,000 barrels each time.

Many western oil companies had withdrawn from the oil market of Iran, fearing over the possibly more severe sanctions, the RBC said.

Lukoil announced the abandoning of the Anaran oil project in Iran last month, saying it had lost 63 million U.S dollars last year in this project due to the sanctions.

Analysts said Lukoil has business and investment in the United States, which means it had to control the possible political risks brought by its cooperation with Iran. However, the withdrawing of Lukoil would not shake Iranian market.

The West accuses Iran of secretly developing nuclear weapons under the guise of a civilian program, but Iran insists its nuclear program is only for peaceful purposes.

Source: Xinhua


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