Shell, in "defiance" of Bush boards gravy train Iran

"Those that get in at an early stage will be rewarded".

The UK Guardian is reporting that Shell along with its Spanish amigo, Repsol, have signed a $10 "initial" deal with the Iranians to develop a liquefied natural gas project centred on the South Pars gas field : "The move is a bold one by Shell because its arch-rival BP has declared itself unwilling to invest in Iran at a time when the international political climate surrounding the country is so forbidding ... Washington has increased pressure on non-US companies in the past year not to invest in Iran and some analysts believe it could be hard for oil companies to maintain operations in both Iran and the United States, where Shell and its Spanish partner Repsol both have fields".

"Fadel Gheit, oil analyst with the Oppenheimer & Co brokerage in New York, said Shell was right to proceed in Iran. "This is very positive for the company because those that get in at an early stage will be rewarded. They are clearly willing to ignore Bush because he is coming to the end of his presidency and when he goes everything could change."

Separately yesterday, Shell agreed to sell its Los Angeles refinery to Texan oil firm Tesoro in a deal worth nearly $2bn.