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Monday, 06 October, 2008, 11:50 GMT | more prices >>

Iran sets deadline for Total and Shell



By Upstream staff 

Iran's Oil Minister Gholamhossein Nozari said today that a June deadline would be the last chance for France's Total and Shell to finalise deals on developing South Pars phases 11 and 13.

After protracted talks, Iran urged Total and Shell in October to finalise their deals on the giant South Pars gas project by the middle of this year or lose the contracts, after the two companies had delayed investment due to soaring costs.

"The deadline we have given to Total and Shell is June and it is the last chance we are giving them," Nozari said, adding Tehran "will definitely make the final decision" after the deadline.

A Reuters report quoted senior oil official earlier this week as saying negotiations with a number of Asian companies had already started and that they were likely to replace Total and Shell.

In February, Total boss Christophe de Margerie said: "We have not burnt our bridges with Iran ... We will find solutions to maintain our long-term presence."


Wednesday, 16 April, 2008, 10:42 GMT  | last updated: Wednesday, 16 April, 2008, 10:42 GMT

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