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US State Dept Calls Oil Cos' Iran Investments 'A Mistake'

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PostPosted: Wed Feb 25, 2004 10:38 pm    Post subject: US State Dept Calls Oil Cos' Iran Investments 'A Mistake' Reply with quote


US State Dept Calls Oil Cos' Iran Investments 'A Mistake'
February 25, 2004
Dow Jones Newswires
The Associated Press

WASHINGTON -- Oil companies investing in Iran are making a mistake, the U.S. State Department said Wednesday. "We just don't think it's wise to be investing in Iran's petroleum sector at this point when Iranian behavior has still not changed in so many areas," department spokesman Richard Boucher said.

Iran's National Iranian Oil Co. has signed a $2 billion deal with France's Total (TOT) and Malaysia's state oil giant Petronas (5681.KU) to form Pars LNG, a liquefied natural gas joint-venture, state-owned radio reported in Tehran Wednesday.

The deal was the second in a week following Iran's signing last week for the $3 billion development of the massive Azadegan onshore oil field with a Japanese consortium in the face of disapproval by the U.S., which says Iran is trying to build nuclear weapons.

Boucher said the government would look at the 1996 Iran-Libya Sanctions Act to see whether it can take action against companies investing in Iran.

"We do not encourage investment in Iran's petroleum sector," Boucher said. "We have laws that affect our attitudes toward these investments. And we will have to look at those laws appropriately."

Iran In $2bn Gas Deal with Total and Petronas
February 26, 2004
Gulf Daily News

Iran yesterday clinched its first deal in the booming liquefied natural gas (LNG) market and its second major foreign energy deal in a week, agreeing a $2 billion venture with France's Total and Malaysia's Petronas.

State-owned National Iranian Oil Company (NIOC) announced the creation of Pars LNG which will be half owned by the National Iranian Oil Company with Total holding a 30 per cent share and Petronas a 20pc stake.The company plans to produce eight million tonnes per year of LNG and start production by 2009.

"The deal is worth $2b," said a NIOC spokesman.

Iran has the world's second largest reserves of natural gas behind Russia and is developing its giant offshore South Pars gas field with several groups of foreign firms, including Total and Petronas.

Industrialised nations in Europe, Asia and the United States are looking to LNG - gas cooled to a liquid state for loading onto tankers - as a way to meet rising natural gas demand.

Yesterday's deal means that Iran has racked up $4bn of international energy investment in just a week, a dramatic change of pace after a nine-year period when $13bn of foreign cash trickled into its energy sector.

Iran last week signed a $2bn deal with a Japanese consortium to develop its Azadegan oilfield - one of Tehran's biggest international deals since the 1979 Islamic revolution.

The deals have reinvigorated Iran's drive for investment, stalled for years by internal power struggles and Washington's attempts to isolate Tehran. And it has eased fears that the return of hardliners to power in last week's Iranian parliamentary elections would temper enthusiasm for doing business with Iran.

Tehran reopened its oil and gas sector to foreign investment in 1995 with Total and Petronas both in the vanguard. Gas exports have so far been constrained by a lack of cross-border pipelines and delays in getting an LNG venture off the ground.

By contrast, neighbour Qatar is already producing 15m tonnes per year of LNG as it develops gas from its huge North Field, which taps the same reservoir as South Pars.

Iranian oil Minister Bijan Zanganeh has said Iran is eying Asian markets for its LNG, particularly India.

Total confirmed it has signed a deal with Iran to form an LNG production company. "Yes, a shareholders' agreement has been signed. It's just a milestone in the project among many others, and is part of the negotiation process that has been taking place over the last three years," a Total spokesman said
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Joined: 17 Jul 2003
Posts: 4250
Location: Italy

PostPosted: Thu Feb 26, 2004 6:45 am    Post subject: Reply with quote

I'm not surprised that Malaysia love finding illeggittimate dictators ! Malaysia is not a democracy !!

As for France, well no surprise also..we know who France is

As for japan,well they are out of mind.

Now i wanna see if the anti-americans continue saying that America is after oil... What about France and Japan??

The hypocrisy is that it's the Europe itself which says this !!
Referendum AFTER Regime Change

"I'm ready to die for you to be able to say your own opinions, even if i strongly disagree with you" (Voltaire)
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PostPosted: Sat Feb 28, 2004 11:41 pm    Post subject: Reply with quote

Japan basically just follows the crowd. The news we get here is largely a rerun of BBC garbage it seems.... Crying or Very sad
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PostPosted: Sun Feb 29, 2004 8:09 am    Post subject: yes Reply with quote

You're right...
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