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UPI Energy Watch: Shell, Iran move forward on gas project

EXTRACT: The Bush administration, meanwhile, has warned it could impose sanctions on Western firms doing business with Iran, a move that has not stopped Shell from expanding its operations in Iran. 
 
By ANDREA R. MIHAILESCU
UPI Energy Correspondent

Anglo-Dutch venture Royal Dutch Shell continues to move forward with plans to develop a large gas field in Iran.

Shell said it will continue with its Iranian project in the South Pars gas field. It hopes to complete it by early 2008. Shell has admitted to political considerations playing a part in its decision on the scheme.

Shell Chief Executive Jeroen van der Veer said Thursday the release of 15 captured British sailors and marines was a politically positive signal. He added that Shell’s future investment in gas projects would be shaped in part by the political environment.

The decision is “good news both for the families and politically,” he said.

The Bush administration, meanwhile, has warned it could impose sanctions on Western firms doing business with Iran, a move that has not stopped Shell from expanding its operations in Iran.

In January, Shell and Spain’s Repsol YPF secured a preliminary $10 billion agreement with the Iranian government to develop two phases of the huge South Pars gas field.

“We’re doing our preparations,” van der Veer told reporters on the sidelines of the Petrostrategies conference in Paris. “We will take political consideration into account.”
 
Published: April 5, 2007
http://www.upi.com/Energy/Analysis/2007/04/05/upi_energy_watch/

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