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Lundin Petroleum

Sweden

Date: 2001 - Unclear

Deal: In 2001, Swedish firm Lundin Petroleum received approval from the government of Iran to purchase a 40 percent stake in the country's Munir onshore oil block, according to a company press release. The remaining shares of the project are held by Italy's Edison (40 percent) and Malaysia's Petronas (30 percent) (Lundin Petroleum Press Release, June 30, 2004).

In June 2004, the company reported in a press release that the first two tests from the project did not result in commercial quantities of hydrocarbons (Lundin Petroleum Press Release, June 30, 2004). One month later, Lundin announced that it had begun drilling the next exploration well in the project (Lundin Petroleum, July 30, 2004).

As a result of these activities, Lundin's 2004 annual report shows a loss of $132,051 on the company's investment in Iran (Lundin Petroleum Annual Report, 2004).

The current status of the project is unclear.

U.S. Busines Ties: According to USAspending.gov, Lundin has not received any U.S. federal government contracts (USASpending.gov, accessed July 9, 2014).

Last Updated: July 9, 2014