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Tehran Times: ‘Iran won’t extend the June 2008 deadline for Royal Dutch Shell Plc’

Headline: POGC, Edison come to terms on developing SP Phase 12

Print Date : Sunday, January 27, 2008
Tehran Times Economic Desk

TEHRAN –- Iran’s Pars Oil and Gas Company (POGC) and Edison SpA, the second-largest energy company in Italy, agreed on the development of South Pars gas field Phase 12, the POGC managing director said here on Saturday.

Ali Vakili, quoted by Moj News Agency, added negotiations between the two sides will be finalized soon.

Among companies eager to invest in South Pars project, Edison is leading the field, said the official.

Talking about Pars LNG project, Vakili added Iran won’t extend the June 2008 deadline for Royal Dutch Shell Plc. and France’s Total. Pars LNG project was scheduled to come on stream in 2009 but has been deferred until 2011.

Iran plans to give half of the 40% stake held by France’s Total in the Pars LNG project to potential buyers of the liquefied natural gas, a senior official of the National Iranian Gas Exports Company (NIGEC) said, citing the delay in a final investment decision by the French major, Fars News Agency reported.

“”Currently, 50% of the project’s shares belong to the National Iranian Gas Exports Company, 40% to France’s Total and 10% to Malaysia’s Petronas,”” NIGEC’s director of investments and participation, Mohammad Javad Ahmadi Abhari, said

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