Statoil out of Iran

Norwegian oil company Statoil has confirmed it will be pulling out of Iran by 2012. Otherwise, it faced sanctions from the US government since it’s listed on the New York Stock Exchange.

US authorities announced last Thursday that four European oil companies, Statoil included, were voluntarily pulling out of Iran to avoid sanctions. The other three firms included Shell, Total and Eni.

Newspaper Aftenposten reported over the weekend that a Statoil spokesman confirmed that Statoil, which had invested hundreds of millions in the South Pars gas field off Iran, was pulling out of Iran but stressed that it already had made it clear two years ago that it planned no new investments in the country.

Statoil’s operations in Iran have been stormy, climaxed by a bribery scandal several years ago that cost Statoil’s chief executive his job at the time. Iran’s national oil company NIOC has taken over as operator of the South Pars field.

Views and News staff