Russian oil company Lukoil reopened its office in Iran on Wednesday, according to Ravil Maganov, the company's first vice president Wednesday.
"We look forward to participation in projects in Iran after sanctions are fully removed," Maganov said.
Russia's second largest oil producer, Lukoil, left Iran in 2010 due to U.S sanctions against Tehran. The company was actively working in Iran since 2003 and made its first oil discovery in 2005 with Norwegian Statoil.
Maganov explained that the Anaran oil project, one of the company's main projects located on the Iran-Iraq border is Lukoil's priority. However, he added the company will study geological data on other projects as well.
Prior to western sanctions, Iran was a major exporter of crude oil and natural gas. The sanctions on the country curtailed its production levels while foreign investments in the sector declined.
Iranian President Hassan Rouhani confirmed on April 2 that a compromise on a framework accord over Iran’s controversial nuclear program was achieved with the world powers group, the P5+1, after a marathon session of talks in Lausanne, Switzerland ahead of the July 1 agreement deadline.