Royal Dutch Shell PLC is to decide in 2007 whether to invest in Iran's Persian LNG project, its chief executive said on May 4. Speaking at a press conference, Jeroen van der Veer said "we are aware of the short-term developments," referring to international tensions surrounding the country's nuclear program. But he added "we intend to make a decision in the year 2007." In 2004, the National Iranian Oil Co.
signed a framework deal in 2004 with Shell and Repsol YPF SA to form the Persian LNG production company, linked to the development of phase 13 of South Pars and valued at $1.5b. But no final investment has been made so far. Regarding Shell's plans in neighboring Iraq, van der Veer said the company would need a legal framework on petroleum in place in the country before investing. "We are more on less at a standstill," he said. A still-to-be-formed Iraq
i government will be tasked to devise a petroleum law, which will regulate foreign investment in the sector. (Source: MarketWatch)