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MarketWatch: Repsol, Shell reportedly delay investment decision on Iran project

By MarketWatch
Last Update: 5:26 AM ET Nov 5, 2007

Spanish oil company Repsol YPF SA and its partner Royal Dutch Shell have decided to postpone by six months, until June 2008, their final investment decision on Persian LNG, a planned multibillion dollar joint venture to develop liquefied natural gas projects in Iran, reports El Mundo in its Monday Internet edition, citing Repsol sources.

Citing geopolitical tensions and the U.S. government’s new sanctions against Iran, Repsol and Shell would even be willing to abandon their project in Iran for good if tensions keep escalating, the paper says.

Repsol and Shell each have a 25% stake of the Persian LNG project, while the remaining 50% is held by National Iranian Oil Co., or NIOC.

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