Oil and Gas

Austria's OMV stands by Iran project - upstream chief

VIENNA, May 22 (Reuters) - Austrian energy group OMV said on Tuesday it had not halted its planned Iranian energy projects despite the U.S. withdrawal from an international nuclear agreement, but it had made no investments there yet.

The group was monitoring political developments in the United States and the European Union very closely, said upstream chief Johann Pleininger at the annual shareholders’ meeting in Vienna.

“The project has not come to a standstill, it is continuing,” Pleininger said, adding that “no investments have been made yet.”

OMV signed a memorandum of understanding in May 2016 for projects in the Zagros area of western Iran and the Fars field in the south. In June 2017, OMV and Russia’s Gazprom Neft announced a memorandum of understanding to work in Iran’s oil sector. (Reporting by Kirsti Knolle; Editing by Adrian Croft)