Total Risked Shale Investments in Iran Dealings
The Wall Street Journal reports that diplomatic cables released by WikiLeaks show that Total SA was warned in early 2010 that its U.S. shale-gas investments could be at risk because its sales of refined petroleum to Iran.
The threat, delivered by U.S. House Foreign Affairs Committee staff in January just after Total announced a $2.25 billion U.S. investment with Chesapeake Energy, taking a 25% stake in Chesapeake's Barnett shale gas fields and providing funds toward the fields' development.
Five months later, Total said it had stopped shipping gasoline to Iran, an announcement that came shortly after the U.S. Congress approved sanctions that penalized foreign energy firms selling refined products to the Islamic republic.
The paper also reports tough conversations between U.S. officials and Eni SpA.