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Page added on January 30, 2007

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Shell defies US pressure and signs

Shell has signed an important deal to help Iran develop a major gas field, ignoring growing pressure from George Bush to isolate the country for being part of what he alleges is an “axis of evil”.

The Anglo-Dutch group, which is struggling to bring more momentum to its business after being forced to hand over vital Russian reserves at Sakhalin island to the Kremlin, confirmed it had finally reached agreement on various aspects of its “Persian LNG” – liquefied natural gas – project centred on the South Pars gas field.

Shell insisted last night it was still a year away from a final decision on whether to proceed with the multi-billion-dollar project to build a liquefied natural gas terminal capable of handling 8m tonnes a year.

“We have signed an upstream service agreement as part of our work to assess the feasibility of the project,” a spokeswoman said, referring to the production deal. “Implementation of the upstream service agreement is subject to taking a final decision to proceed with the midstream LNG project.”


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