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Expert thinks Statoil keeps Iran contracts

Professor Øystein Noreng claims Norwegian investments in Iran most likely are not threatened by the Iranian parliament’s wish to investigate corruption accusations against Statoil.

05.04.04 15:57

Noreng, who is professor at the Norwegian School of Management, is one of Norway’s premiere experts in international oil economy. Noreng said he believes Statoil will not get its contracts cancelled.

«Statoil has a very good reputation in Iran,» Noreng explained. «I don’t think the company risks loosing any missions or contacts in Iran even thought the national assembly in the country has decided to start an investigation of the corruption accusations against Statoil.»

The national assembly in Iran voted Sunday to start the investigation of the corruption accusations against Statoil.

Group CEO Olav Fjell, Leif Terje Løddesøl, chairman of the board, and Richard Hubbard, head of the international department, had to resign when it was revealed that the company had paid NOK 115 million (USD 17 million) to a consultant company with connections to the political leadership in Iran.

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