Iran loses patience with Shell

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Source: The Age

IRAN has warned Shell that it must commit to developing a $US10 billion ($A10.7 billion) gas field by June or risk the project being handed to a rival.

Europe's largest oil and gas company has delayed a final decision on the grounds of soaring costs, but also in the knowledge that a decisive move would put it in political conflict with Washington at a time of mounting tension over Tehran's uranium enrichment program.

Shell's British competitor, BP, said three years ago it would not pursue business in Iran, claiming it was politically "not a flyer".

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The group has refused to discuss the backlash any such move might produce in Washington. President George Bush is putting pressure on companies not to do business with Iran because of its nuclear program, which has brought relations between Washington and Tehran to a new low.

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Shell had been hoping that a change in the US presidency would open the way for oil companies to pursue a deeper involvement in Iran.

Read more: http://business.theage.com.au/iran-loses-patience-with-shell/20080421-27ns.html

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