Iran General NewsIran gives Shell, Repsol a week to decide on...

Iran gives Shell, Repsol a week to decide on Pars

-

ImageReuters: Iran has given Royal Dutch Shell and Repsol one week to decide on their involvement in the South Pars gas field, the semi-official Mehr news agency reported on Monday. ImageTEHRAN, April 26 (Reuters) – Iran has given Royal Dutch Shell and Repsol one week to decide on their involvement in the South Pars gas field, the semi-official Mehr news agency reported on Monday.

Iran says both the Anglo-Dutch Shell and Spain's Repsol have procrastinated on finalising their involvement in the field. It has set similar deadlines in the past as a way of pressuring foreign investors.

Ali Vakili, managing director of the Pars Oil and Gas Company (POGC), was also quoted as saying a deadline for Turkey to clarify its involvement in developing three phases of the field had passed.

"We will not delay the development of South Pars phases waiting for foreign companies," Vakili told Mehr.

Many foreign countries are investing in the field, which Iran shares with Qatar, but U.S. and U.N. sanctions have caused Western companies to treat Iran with caution, sometimes to the benefit of operators from other parts of the world.

China's National Petroleum Corporation (CNPC) clinched a $4.7 billion deal to develop part of South Pars, supplanting Total as lead partner in the project after the French firm delayed its investment decision under political pressure.

Iran has the world's second largest gas reserves but has no major net exports, partly because sanctions have deterred investment by Western firms.

Vakili told the Iranian oil ministry website SHANA that POGC planned to issue bonds worth 3 billion euros and rial-denominated bonds worth around $3 billion to help finance development at South Pars. (Reporting by Hashem Kalantari and Hossein Jaseb; Writing by Robin Pomeroy)

Latest news

Iran, the Resurrection of the Concept of ‘Revolution’

These days, Iran’s political and social environment has witnessed massive storms, which have changed the meaning of all concepts....

Iran Regime’s Response to Protests Censorship and Violence

The Iranian regime’s leadership has reacted to the ongoing wave of protests over the death of Mahsa Amini, the...

Iran’s New Generation Seeks Nothing but Regime Change

In a silly and desperate statement, the Iranian regime’s foreign minister Hossein Amir-Abdollahian claimed that nothing special is going...

Iran’s Youths Broke the Spell of Fear

One of the main characteristics of the recent protests in Iran is the courage and fearlessness of the people,...

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

Must read

Iran to Increase Enriched Uranium Above Limit Tomorrow

By Pooya Stone A representative for Iran’s Atomic Energy...

Iran warns its nuclear threats not empty

Reuters: Iran warned on Saturday it could pull out...

You might also likeRELATED
Recommended to you