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Repsol pulls out of Iran gas project

Source: Reuters - Mon 28th Jun 2010

Spain's largest oil company Repsol has pulled out of a contract it won with Royal Dutch Shell to develop part of the South Pars gas field in Iran, a spokesman said on Monday.

A spokesman for Shell declined to confirm whether the company will remain to develop phases 13 and 14 of the South Pars project, but noted that Shell will comply with any international trade restrictions which are placed on Iran.

A growing number of oil companies, trading houses and other international companies have stopped doing business with Iran this year amid a U.S. drive to isolate Tehran and international efforts to impose tougher sanctions.

Repsol, which has large economic interests in the U.S gulf of Mexico, was given an ultimatum by Iran to finalise its initial decision in May or withdraw.