Iran says it will rethink its cooperation with international oil companies

Nicosia, Nov.3: Iran has threatened international oil companies which have shown reluctance to implement development projects in the country that it would re-examine and redefine its cooperation with them.

Noghrehkar-Shirazi, the Deputy Minister of Petroleum, said that scores of companies "were on standby to replace international oil companies which were thinking of abandoning their development projects in the Islamic Republic."

Earlier, the Pars Oil and Gas Company announced that it had set a deadline for Total and Shell until June next year to make their final investment decisions on linked upstream/liquefied natural gas exports projects with Iran.

Apparently, International Oil Companies fear the imposition of new international sanctions on Tehran for its nuclear programme and do not wish to spend billions of dollars on risky exploration and development projects in Iran.

Tehran is currently turning its attention to Russia, which strongly objects to the imposition of new sanctions on Iran, for the exploitation of its energy sources.

Noghrehkar-Shirazi referred to a recent summit of the Caspian Sea area and the visit of Russian Gazprom officials to Iran and said that a favourable climate was created for bilateral and multilateral cooperation. (ANI)