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5/23/05

Iran may give 50% of Pars LNG shares to Total

Tehran, May 23, IRNA-Iranian gas officials have said that they plan to give 50 percent of the shares for the development of Pars LNG project to Total following the decision by Malaysia's Petronas to withdraw from the project, local press reported in Tehran on Monday.

The Persian-language newspaper `Jaam-e Jam' quoted the Managing Director of the National Iranian Gas Export Company (NIGEC), Rokneddin Javadi, as saying that Petronas has cancelled its 20-percent share in Pars LNG and that Iran plans to give the company's share of the project to Total in case no other partner is found.

Javadi stressed that Petronas directors have officially announced that the company is not interested in participating in the development of the project.

The report added that Iran and Total are currently looking for a new partner or partners to implement Pars LNG.

It said that Petronas had decided to quit cooperation with Iran over the project because its financial expectations had not been met.

... Payvand News - 5/23/05 ... --



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