Lukoil Plans to Sign Oil Accord in Iran After Tax-Law Changes

Lukoil PJSC, Russia’s second-largest oil producer, plans to sign a deal on exploration and production with Iran following changes in the Persian Gulf nation’s tax laws.

Vagit Alekperov, Lukoil’s billionaire chief executive officer, said he plans to meet with Iran’s Oil Minister Bijan Namdar Zanganeh when the Organization of Petroleum Exporting Countries gathers in Vienna in December.

Oil companies are eyeing projects in Iran, which has the world’s fourth-largest reserves, after the nation came to an agreement with the U.S. and other world powers to curb its nuclear program in exchange for an end to economic sanctions. Lukoil stopped work in Iran as a minority partner in a project called Anaran in 2010 due to sanctions.

Iran plans to increase crude output by 2 million barrels a day and natural gas production by about 7 billion standard cubic feet from about 50 energy projects that will be offered to investors at a conference in Tehran next month, National Iranian Oil Co. Managing Director Roknoddin Javadi said at a conference in Berlin Thursday.

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