Total backing away from Iran gas investment

10 July 2008 10:20  [Source: ICIS news]

LONDON (ICIS news)--Total will not invest in the development of Iran’s significant gas reserves because the political risks are too high, according to media reports on Thursday.

Iran looks set to become further isolated if the French energy giant pulls out from collaborating with its partner, Malaysia’s Petronas, in the Phase 11 development of the vast South Pars field natural gas deposits.

“Today we would be taking too much political risk to invest in Iran because people will say: ‘Total will do anything for money’,” chief executive Christophe de Margerie is quoted as saying in the UK's Financial Times.

Shell and Repsol pulled out of LNG development in Iran in May.

Iran said it would proceed with the gas field development with or without Total, according to Reuters news agency. 

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By: Staff Reporter
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