Norwegian oil company StatoilHydro ASA (STO) is to become the latest western energy company to commit against investment in Iran, the Financial Times reports Friday.
The company had been in talks about the development of the Azar field in the Anaran block in Iran, but "will not make any new investments in Iran at this time," the FT says.
"We have been evaluating our investment decisions and, having informed the authorities in Norway and the European Union and discussed the issue with the U.S., our view is that this position is in the best interests of shareholders and the company," Statoil Chief Executive Helge Lund is quoted as saying.