Iran opens door to Statoil

Statoil, the Norwegian state oil company, had announced a business breakthrough with Iran. The company signed an agreement with the National Iranian Oil Co. to co-operate on four projects in Iran.

According to Stavanger Aftenblad, Statoil officials hope Iran will become a major recipient of Statoil's investment abroad, on par with Azerbaijan and West Africa. Norwegian Oil and Energy Minister Olav Akselsen said the co-operative agreement "can also have great significance for the Norwegian supply industry because the oil companies often take their own country's industry out into the world."