Royal Dutch Shell and Spain’s Repsol have pulled out of one of Iran’s biggest gas projects, dealing a blow to Tehran’s attempts to expand its energy exports in the face of US and international sanctions.

The pair will withdraw from the $10bn-plus development of phase 13 of South Pars, the world’s largest gas field. They say they could still participate in other phases.

Their decision is made as Washington intensifies pressure on international companies to stop operating in Iran, part of a campaign to isolate Tehran over its refusal to halt its nuclear programme.

Neither Shell nor Repsol would comment on the US pressure. ... Read full article