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Iran warns Shell against deal delay

Press TV - The Iranian Oil Minister says Royal Dutch Shell must submit its proposal for participation in the South Pars development project by June.

"If Shell's proposal is accepted by the Oil Ministry, we will continue cooperation with the company," Gholam-Hossein Nozari told reporters on Wednesday.

Nozari added that Iran's recent deals with China's Sinopec and Malaysia's SKS indicate foreign firms' interest in making investment in the country's oil and gas industry.

The Managing Director of Iran's Pars Oil & Gas Company, Ali Vakili, said on Tuesday that Tehran would not extend the June 2008 deadline for Shell to sign the major deal with the country.

Shell, Europe's largest oil and gas company, teamed up with Spain's Repsol to sign a preliminary deal with Tehran to invest $10 billion to develop phases 13 and 14 of the South Pars project.

However, the oil giant is reportedly hesitant to finalize the deal with Iran due to concerns about US punitive measures.

... Payvand News - 01/03/08 ... --

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