"If there are changes, if restrictions and sanctions are lifted, then, of course, we will very cautiously return to the project [in Iran]," Itar-Tass news agency quoted Senior Vice President of Lukoil Overseas Gati Saadi al-Jebouri as saying in Moscow on Tuesday.

In March 2010, Lukoil pulled out of Anaran oil field project in western Iran due to sanctions imposed by the United States.

Lukoil Vice President Leonid Fedun said that it was impossible for the company to continue to participate in the Anaran field as long as the US sanctions are in force.

The Anaran block, which is estimated to contain two billion barrels of oil, was operated by a consortium of Norway’s StatoilHydro (75 percent) and Lukoil Overseas (25 percent).

Lukoil reportedly suffered a USD 63-million loss after the withdrawal.