WSJ: Statoil Warns of Russian Energy Project Delays as Sanctions Bite

Statoil ASA has warned that western countries' sanctions against Russia will slow down the process of getting the go-ahead for some of its joint ventures with Russian oil group OAO Rosneft.

Norway's largest oil group said on Monday that it will stand by its 27-month-old partnership with the state-controlled Russian company as it hopes diplomacy will resolve the standoff between the U.S. and Europe and Russia over the crisis in Ukraine.

"This will be a more bureaucratic process, so that things will take more time," Statoil Chief Executive Helge Lund told The Wall Street Journal at the Offshore Northern Seas energy conference.
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