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Shell, Repsol quit Iran gas project – report

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Forbes.com: Shell, Repsol quit Iran gas project – report

 

05.12.08, 1:59 AM ET

LONDON (Thomson Financial) – Royal Dutch Shell and Spain’s Repsol YPFSA. have pulled out of one of Iran’s biggest gas projects amid geopolitical uncertainty and rising costs, the Financial Times reported.

The pair will withdraw from the $10 bln-plus development of phase 13 of South Pars, the world’s largest gas field, the report said, adding they could still participate in other phases.

‘Shell has agreed the principle of substitution of alternative later phases for the Persian LNG project so that (the National Iranian Oil Company) can proceed with the immediate development of phase 13, the report cited Shell as saying.

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http://www.forbes.com/markets/feeds/afx/2008/05/12/afx4995133.html

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