Monday, January 24, 2005

Times Online - Industry sectors

Times Online - Industry sectors: "Iran angered by BP's policy
By Times Online

BP's announcement that it is to freeze plans to operate in Iran will be viewed as "an unfriendly act which will not be forgotten", according to reports from Tehran this morning.

Reuters is reporting that Iran's Oil Minister, Bijan Zanganeh saying, "We do not consider this a friendly approach and we will not forget it. We think it is a move taken by BP for the Americans."

BP's chief executive Lord Browne told the Sunday Times that it was "impractical" for BP to do business in Iran due to the company's large operations in the United States. Under US sanctions, Washington can take measures against companies that invest in Iran, which has almost a tenth of the world's oil reserves.

"Politically, Iran is not a flyer ... One day I hope it is," Lord Browne said. For the full article, click here.

Oil industry sources in Tehran told Reuters last month that BP and Total were out of the running to develop the Bangestan oilfield in south-western Iran which they had been bidding for.

Meanwhile, on London's International Petroleum Exchange, Brent crude touched eight-week highs this morning, as cold weather in the United States spurred heating oil buying.

Brent was trading at $46.38 a barrel, just off its intraday peak of $46.40, the strongest level since November 30."

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