Statoil warns of Russian energy project delays

|By:, SA News Editor

Statoil (NYSE:STO) highlights that western sanctions against Russia will slow down the process of getting the go-ahead for some of its joint ventures with Rosneft (OTC:RNFTF).

"This will be a more bureaucratic process, so that things will take more time," warns CEO Helge Lund.

However, not all projects will be slowed down, as sanctions mainly target shale oil, deep-water oil and Arctic oil production.

Statoil says it will stand by its 27-month-old partnership with Rosneft and hopes diplomacy will resolve the standoff between the U.S., Europe and Russia over the crisis in Ukraine.