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Lukoil & Iran agree expanded oil and gas deal

Russia's energy giant Lukoil says it's been given the go-ahead to expand its oil and gas activities in Iran.

The statement followed talks between the company's chief executive officer, Vagit Alekperov, and Iranian Deputy Oil Minister Hossein Noghrehkar Shirazi in Moscow on Wednesday.

The Russian company already operates in parts of the country. Along with Norway's Statoil, it co-owns the Anaran oil project, which has oil reserves of 2 billion barrels. Lukoil says its investment in the project exceeds $US 20 MLN.