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Iran not to extend deadline for Shell's gas deal
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08:21, January 02, 2008

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An Iranian official said Tuesday Tehran will not extend the June-2008 deadline for oil giant Royal Dutch Shell to sign a major gas deal with the country, Iran's English-language Press TV channel reported on its website.

Ali Vakili, Managing Director of Iran's Pars Oil and Gas Company, said the Anglo-Dutch company has not officially called for an extension of deadline to decide whether to invest in two phases of Iran's South Pars gas field.

"Iran will not agree to extend the deadline once it expires," he warned.

Shell, Europe's largest oil and gas company, teamed up with Spain's Repsol to sign a preliminary deal with Tehran to invest 10billion U.S. dollars to develop phases 13 and 14 of the South Parsproject.

However, Shell is reportedly hesitant to finalize the deal with Iran over concerns about U.S. pressure.

Tehran has called on all companies interested in investing in the country's energy sector to submit their proposals by June.

Source: Xinhua

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