City & Finance
www.thisismoney.co.uk
Thursday 5 April 2007
ROYAL Dutch Shell is ploughing ahead with plans to develop a huge gas field in Iran, despite the damaging fallout from the hostage crisis.
The oil giant is still understood to be on track for a decision on the South Pars gas-field project by early 2008.
Its determination to continue drawing up proposals comes despite tensions between the London and Tehran over the capture of 15 British naval personnel.
Iran’s pledge yesterday to release the captives will be a boost to Shell, which has admitted that political considerations will play a role in its decision on the scheme.
But the Bush administration has warned it could impose sanctions on Western firms doing business with the Middle Eastern republic. Shell is also ready to expand its Russian operations, undeterred by iast year’s damaging conflict with the Kremlin over the £10.1bn Sakhlin 2 project.
But it has yet to hammer out a deal with Russian state controlled Gazprom over how the two firms will co-operate on new developments around the northern Pacific island.
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