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Partnership Proposal |
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Total, the French energy giant
had been planning to develop the huge South Pars gas field, but
Christophe de Margerie has told the Financial Times it would not go
ahead, claiming that such investment would be too politically risky.
His announcement came a day after Iranian Revolutionary Guards test-fired
an updated version of the Shahab-3 missile, said to have a range of
2000km (1240 miles).
Gen Hoseyn Salami, the Guards' air force commander, said the tests
demonstrated Iran's "resolve and might against enemies who in recent
weeks have threatened Iran with harsh language".
Tehran has tested the Shahab-3 before, but the latest launch comes
amid rising tensions in the region.
Analysts believe that Total's move represents a big blow to the
Iranian energy industry, meaning that the country is unlikely to
significantly boost its natural gas exports until late into the next
decade.
Total has a memorandum of understanding with the state-owned
National Iranian Oil Company to develop Phase 11 of Iran's half of
the South Pars field in the Gulf.
Back in May, Total said it was still interested in working on the
project together with the Malaysian company, Petronas.
But Mr De Margerie's comments now cast serious doubt on whether the
French firm will invest in the Islamic Republic in the near future.
"Today we would be taking too much political risk to invest in Iran
because people will say: 'Total will do anything for money'," he
said.
The US has recently stepped up the pressure to impose tougher
sanctions on the Iranian government and companies that do business
with it.
Total was the last major Western energy group considering investment
in Iran and it is one of the few companies in the world with the
resources and know-how required to develop the country’s vast gas
reserves.
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