17 Aug 2011 18:17

Belorusneft officially confirms withdrawal from Jofeir project

MINSK. Aug 17 (Interfax) - The Belorusneft oil company is withdrawing from the contract to develop the Jofeir oil field in Iran, according to a posting on the company's official website.

"The contract envisions the possibility of withdrawal after any stage in the contract," it says.

Signed in 2007, the contract says that the oil field will be developed in several stages. The first stage was completed in September 2010, it said.

"Fresh data about the geological structure of the oil field have been gathered, which led to changes in the technical and financial-economic terms of the contract," the company said.

"Given this, Belorusneft decided to withdraw from this project after the first stage," it said.