Foothold in Iran Lukoil, Russia's largest non-state oil company, has looked to projects outside Russia for profit and expansion because of Russia's tax burden and the preference given to state companies on new projects. "Gazprom Neft is a safer option to maintain Russia's existing link with Iran than the more commercially exposed Lukoil," Chris Weafer, chief strategist at UralSib Financial Corp., said today. "Russia does not want to give up on its foothold in one of the top OPEC countries by reserve base nor to be seen as complying with U.S. pressure." Gazprom Neft, the oil arm of Russia's largest company OAO Gazprom, aims to develop Iran's Azar and Changuleh deposits. U.S. sanctions do not interfere with the company's plans, Gazprom Neft CEO Alexander Dyukov said in December.