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Thursday, March 19, 2009

Iran drops French major from major gas project

NICOSIA Ñ Iran has blamed U.S. sanctions for dropping France's largest energy company from a major natural gas project.   

The Iranian Oil Ministry has rejected France's Total from the South Pars gas field. The ministry's National Iranian Oil Co. has instead selected an unnamed partner to develop Iran's largest gas reserves.

"In talks with NIOC, Total has announced that it cannot participate in this project due to sanctions against Iran," NIOC managing director Seyfollah Jashnsaz said.

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"Despite Total's good performance in Phases 2 and 3 of the South Pars gas field they made no progress in Phase 11 under direct U.S. pressure. On the basis of coordination with Total officials, another partner will join Phase 11 of the South Pars gas field and Total's leadership share will be transferred."

In response, Total said it remained in discussions to develop Phase 11. In February 2009, Total chief executive officer Christophe de Margerie denied reports that Total planned to sign an agreement with Teheran on South Pars by March 20.



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