Statoil: Iran Project Might Lead To U.S. Sanctions

Law360, New York (March 21, 2007, 12:00 AM EDT) -- Norwegian oil giant Statoil ASA said in a regulatory filing Tuesday that it may face U.S. sanctions for its investments in Iran in the past year and listed tenuous circumstances in Venezuela as posing a risk to its business.

According to its annual filing with the U.S. Securities and Exchange Commission, Statoil said its 2002 commitment to help develop the South Pars project in Iran might have been in violation of the Iran Sanctions Act of 1996 (ISA). Additionally, recent laws imposed by the Venezuelan government...
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