Norwegian oil and gas group StatoilHydro is the latest company to halt new investments in Iran.
This is followed by the pressure from the US to isolate Iran over its nuclear ambitions. StatoilHydro had been in talks to develop and invest in the Anaran project in the Azar oil field in Iran. Chief Executive Helge Lund said that the company would, however, honour exiting contracts, though it would be phased as its own costs were recouped. Earlier this year France’s Total and Royal Dutch Shell announced the cease of investments in Iran. US sanctions aim to pressure Iran into accepting international demands to halt uranium enrichment, which, it is suspected, are used for making nuclear weapons. Iran has denied this saying that its nuclear program is peaceful.
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