Shell pulls out of Iran gas deal
|
|
|
| Posted
:
Sat, 10 May 2008 12:53:02 GMT |
| By
:
Reuters |
| Category
:
US (Business) |
| News Alerts by
Email ( click
here ) |
|
US Business News |
Home
|
|
|
|
By Tom BerginLONDON (Reuters) - Oil major Royal Dutch Shell has pulled out of a planned gas project in Iran, after coming under pressure not to participate from U.S. lawmakers who were concerned about Iran's nuclear programme.A spokeswoman said on Saturday that the world's second-largest non government-controlled oil company by market capitalisation was pulling out of Phase 13 of the giant South Pars gas field but may yet join later stages of the field's development.Shell, Spain's Repsol and the National Iranian Oil Company (NIOC) signed a Memorandum of Understanding in January 2002 to develop Phase 13 in a project to be known as PersianLNG.At the time, Shell said deliveries of liquefied natural gas -- gas cooled to liquid under pressure for transportation in special tankers -- could begin in 2007.However, United Nations sanctions on Iran related to its nuclear programme, which it claims is for power generation but which the U.S. and European states believe is aimed at developing weapons, and criticisms of the deal from U.S. politicians and investors, slowed progress.Meanwhile Iran grew impatient and threatened Shell with eviction from the project if it did not commit formally.The spokeswoman for the Anglo-Dutch company said:"We have agreed the principal of substitution of alternative later phases for the PLNG project so that INOC can proceed with the immediate development of Phase 13."She would not give a reason for the decision. Repsol was not available for comment.Iran will now need to find new partners for the project. Media reports have suggested Russia's Gazprom , Indian Oil Corp and Chinese companies could join, as they are expected to be less susceptible to U.S. political pressure, but the companies have limited experience of LNG.(Reporting by Tom Bergin, editing by David Christian-Edwards)
(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
|
|
|
|
|
|
Related News
Hershey, Nestle, sweeten war for Cadbury
Washington - Hershey and Nestle are expected to jump into the war over Cadbury sweets, media reports said Saturday, just weeks after the British-based stalwart rejected a hostile bid by US Kraft Inc. The growing market for chocolate in the developing...
US stock drop slightly on Dell profits, mixed for week
New York - Technology and energy shares pushed US stocks lower Friday, capping a mixed week for investors amid unease about the pace of the world's economic recovery. Tech stocks slid after a disappointing earnings report from computer giant Dell, wh...
GM: Opel restructuring plan by mid-December; cuts up to 25 per cent
Washington - US carmaker General Motors will present a new restructuring plan for its European operations by mid-December, Nick Reilly, the new head of GM Europe, wrote on his new blog Friday. While the details were still being hashed out, Reilly war...
US stock sell-off on fears of weak recovery
New York - US stocks followed global markets in a broad decline amid investor fears over the world's uneasy recovery from recession. Major US stock indices fell about 1 per cent on average, following hefty declines in the DJ Euro Stoxx 50 and Japan's...
US leading economic indicator gains 0.3 per cent
Washington - A key measure of US economic performance gained in October, according to a private research group Thursday, signalling that a broader recovery may be taking hold. The New York-based Conference Board's Leading Economic Index added 0.3 per...
US stocks fall slightly on technology earnings
New York - US stocks posted modest losses Wednesday on poor profit forecasts from technology firms and a surprising dip in home construction. Earnings from Salesforce.com and Autodesk were worse than expected. Other technology shares losing ground in...
Obama acknowledges danger of double-dip recession if deficit grows
Washington - President Barack Obama said Wednesday he was mindful of the dangers brought on by the country's skyrocketing budget deficit, warning that too much spending could lead the United States into another recession. Obama, who has taken heavy c...
|
|
|
|
|
|
|
|
