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French Energy Giant Drops Iran Gas Project

Posted Jul 10, 08 11:32 AM CDT in World,  Business 

(Newser) – French energy giant Total, the last major Western energy group that planned to invest in development of Iran's huge natural gas fields, is dropping out of the project, the Financial Times reports. The turnabout is a victory for the Bush administration's efforts to isolate Iran over its nuclear program; it's expected to delay Tehran's efforts to raise its gas production for at least a decade.

While Total had declared its intention to continue with the project as recently as Tuesday, Iran's provocative missile tests yesterday forced the decision, Total's CEO said. "Today we would be taking too much political risk to invest in Iran because people will say: ‘Total will do anything for money’."

Source Financial Times (UK)

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Chief Executive of French oil company Total SA Christophe de Margerie smiles during a press conference in Paris, Wednesday Feb. 13, 2008.   (AP Photo/Michel Euler)
In this Feb.13 2008 file photo, chief Executive of French oil company Total SA Christophe de Margerie speaks during a press conference in Paris. Total considers it too risky to invest in Iran, its CEO...   (AP Photo/Michel Euler)
The logo of Total SA is seen at a gas station next to the headquarters of the French oil giant in Paris, Wednesday Feb. 13, 2008.   (AP Photo/Michel Euler)
Iranian President Mahmoud Ahmadinejad gestures during a joint press conference of the D-8 Summit in Kuala Lumpur, Malaysia, Tuesday, July 8, 2008. Ahmadinejad has urged the next U.S. government to restore...   (AP Photo/Lai Seng Sin)
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Iran  • energy  • nuclear facilities  • natural gas  • gas fields  • Total SA


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