FACTBOX: Who will not invest in Iran
(Reuters) - Total's CEO Christophe de Margerie reaffirmed in interview with L'Express weekly magazine that Iran remains a priority country for investments but the firm will not invest there now.
Political tensions around Iran have forced some companies to curtail or slim down their investment in the country.
Here are some details:
TOTAL:
-- Earlier this month de Margerie said that French energy group Total would not invest in Iran because the political risk is too high.
-- Total has a memorandum of understanding with state-owned National Iranian Oil Company to develop Phase 11 of the South Pars field. The firm previously said it had a long-term interest in the project but saw short-term difficulties reaching a deal.
-- Iran had said it wanted Total to commit to the deal by mid-year but the French government, concerned about Iran's nuclear program, had urged Total not to invest.
ROYAL DUTCH SHELL:
-- Last May, Royal Dutch Shell pulled out of Phase 13 of the giant South Pars gas field project, after coming under pressure not to participate from U.S. lawmakers who were concerned about Iran's nuclear program.
DEUTSCHE BANK:
-- In July 2007 Germany's biggest bank Deutsche Bank AG said it was closing its retail customer business in Iran. A bank spokesman said that international regulations and sanctions had made the business untenable.
COMMERZBANK:
-- Germany's second-biggest bank Commerzbank AG suspended its U.S. dollar-clearing business in Iran from the end of January 2007. It said it was still working with German medium-sized companies in Iran but was reviewing its position given a sharp drop in business by German companies there. -- The bank said that the U.S. had applied moral, but not legal pressure on the company to take such action. Transactions in other currencies would continue as usual.
DRESDNER BANK:
-- Dresdner Bank decided in August 2007 to wind up its remaining business in Iran. It had been scaling back its activity in Iran for months.
OTHER BANKS:
-- UBS instituted a policy in 2005 not to execute payments to or maintain relations with individuals domiciled in sensitive countries, including North Korea, Sudan, Iran and Cuba.
-- In January 2006 UBS cut ties with all of its clients in Iran because the business was unattractive. High costs deriving from uncertainty about security and regulatory matters in Iran meant the business was no longer worth continuing. The bank said that the decision was not driven by political motives.
-- Rival Credit Suisse has said it would not accept any new business but would not sever old ties. Credit Suisse and London-based HSBC said in November 2006 they would suspend dollar-based transactions with Iran and individual Iranians.
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(Writing by David Cutler, London Editorial Reference Unit)
