Page last updated at 11:33 GMT, Friday, 1 August 2008 12:33 UK

Statoil to stop investing in Iran

A StatoilHydro platform in Iran
Quarterly profits at StatoilHydro were up 37%

State-controlled Norwegian oil and gas group StatoilHydro has agreed not to make any new investments in Iran.

The company is reported to have come under pressure from the US, which is trying to get Iran to halt its nuclear activities.

StatoilHydro is a key contractor and shareholder in the development of the South Pars gas field in Iran.

It said it would fulfil its obligations in the development and then gradually disengage itself from the project.

"We are attentive to the situation in and around Iran, and to the applicable laws and regulations of the European Union and the United States," said chief executive Helge Lund.

The US and EU suspect that Iran is trying to develop nuclear weapons, although Iran insists that its nuclear programme is only generating energy.

The announcement came on the day StatoilHydro released three-month results.

Net profit between April and June came in at 18.77bn kroner ($3.65bn; 1.85bn), up 37% on the same period in 2007.


SEE ALSO
French firm quits Iran gas deal
10 Jul 08 |  Business
Easy gas riches on hold for Iran
10 Jul 08 |  Business
Output worry hits Statoil shares
07 Dec 07 |  Business
Oil giant merger gets green light
06 Jul 07 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC iD

Sign in

BBC navigation

Copyright © 2017 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific