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Persian Journal: Shell oil company to abandon Iran

Jul 25, 2007
A political row threatens to overshadow tomorrow what promises to be one of the best sets of results from Shell for months after it emerged that a group of US pension funds have called on the group to scrap billions project in Iran.

Some of America’s most influential institutional investors have written to Shell and other seven international energy companies warning they are becoming increasingly exposed by guarding their ties with the pariah state.

The investors include New York City’s five main pension funds and the California Public Employee’s Retirement System.

A two-page letter sent to Jeroen van der Veer, Shell’s chief executive, and his peers at Gazprom, France’s Total and five other energy companies referred to Iran as a “state sponsor of terrorism”.

The letter added: “It is increasingly likely that the the worsening situation and tightening economic sanctions will negatively impact companies doing business there.”

Shell and Spain’s Repsol hold a prelminary agreement with Iran to develop two phases of the country’s huge South Pars natural gas field.

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