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Shell, Repsol wary of Iran deal: Report

Press TV -- Two oil majors are reportedly negotiating with Iran to pull out of a $10 billion project on the development of South Pars gas field.

Royal Dutch Shell Plc and Repsol want Iran to agree to drop their current development plans for certain parts of the South Pars field, Spanish newspaper Expansion claimed on Saturday.

Their change of heart is partly due to US pressure exerted on companies doing business with Iran, the newspaper says.

However, the two companies want to be allowed to bid for other parts of the field in the future if the international political climate improves, Expansion added.

The report also revealed that Shell and Repsol were trying to help Iran find new partners for the project including Russia's Gazprom, Indian Oil Corp and Chinese companies.

A Repsol spokeswoman declined to comment on the report, Reuters reported.

Shell, Europe's largest oil and gas company, had 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.

... Payvand News - 05/03/08 ... --

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