Two oil companies pulling out of Iran

Reuters/NY Times:

Royal Dutch Shell Plc and Spain's Repsol are negotiating with the Iranian government to pull out of a $10 billion natural gas project due in part to U.S. pressure, Spanish newspaper Expansion reported on Saturday.

The companies want Iran to agree to drop their current development plans for block 14 of the South Pars field but to allow them to bid for other parts of the field in the future if the international political climate improves, Expansion said.

A Repsol spokeswoman declined to comment on the report, which said that Shell and Repsol were trying to help Iran find new partners for the project and that possibilities included Russia's Gazprom , Indian Oil Corp and Chinese companies.

...

Why are they making the effort to find the Iranians new partners? That makes no sense. The whole idea for pulling out should be to stop helping Iran so that they will comply with the UN resolutions. By finding Iran more amoral companies to continue there nuke efforts only prolongs the problem. If Shell and Repsol thought they would get any credit for this move, they certainly blew by trying to find their own replacements.

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