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10

Russia's Tatneft Suspended Iran Operating

Russian oil company Tatneft has been forced to suspend its oil extraction project because of the unstable political situation in Iran

Russian oil company Tatneft has been forced to suspend its oil extraction project, jointly carried out with Iran?s Mostazafan and Janbazan Foundation because of the unstable political situation in the country, Rais Khisamov, Interfax reported, citing chief engineer and deputy managing director of Tatneft as saying.

The joint venture was set up on parity basis in February 2005 with the purpose of prospecting and producing oil in Iran. At the moment the joint venture has no contracts, because following the election of the new Iranian President Mahmud Ahmadinezhad, the restructuring of state institutions is in progress and the Iranian oil minister has not been appointed yet.

Khisamov also said that Tatneft does not plan to resume work in Iraq due to a lack of safety guarantees for personnel. ?I cannot send anybody to work there. Who will guarantee the safety of the people who will work there? We hardly had time to evacuate them before the war started,? he said and added that the company has received invitations to work in Iraq.