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Media: Russia’s Rosneft leaves Iran amid renewed sanctions

by ChemOrbis Editorial Team -
  • 17/12/2018 (13:48)
According to Russia’s local media sources, the country’s largest oil producer Rosneft has decided to leave Iran and the potential collaboration on a number of oil and gas projects in Iran that worth up to $30 billion.

The local media reported that the state-owned company stopped negotiations regarding the joint investments this summer after the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) and the reimposition of sanctions on Iran that were lifted.

Prior to the threat of sanctions, Rosneft and the National Iranian Oil Company (NIOC) had agreed on an outline deal to work together on strategic projects worth up to $30 billion. The agreement, signed in November 2017, projected a total production of up to 55 million tons/year of oil.

In May, Russia’s second biggest oil producer, Lukoil, also announced its decision to suspend projects in Iran.
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