Tehran Times Economic Desk

New U.S. warning to Austria investment in Iran
Pressure from the U.S. is mounting on Austrian companies such as banks and oil and gas major OMV AG, which have ties with Iran, to reconsider their investments in the country, according to a report in the Austrian daily WirtschaftsBlatt.
In June, the U.S. warned that OMV could be the target of the first-ever application of the Iran Sanctions Act if the company's preliminary dealings with Iran led it to invest in the country's energy sector, but Austrian government and companies denied U.S. pressure and OMW chief executive said this company would obey only EU laws not U.S. ones.
-------------- Gail India to cooperate in Iran’s petrochemical sector
Gail India wants to have petrochemicals major Reliance Industries (RIL) on board for an Iranian petrochemical project, reported DNA.
Gail and Indian Oil Corporation (IOC) were to partner the project along with the National Iranian Gas Export Company.
--------- Iran may reconsider multibillion-dollar LNG plan with Total
The government of Iran may reconsider its multibillion-dollar liquefied natural gas agreement with French oil and gas company Total, which would have seen the firms develop the South Pars gas field in Iran, reported the Financial Times, citing Iran's acting oil minister.
The report quoted Gholamhossein Nozari as saying that the rate quoted by Total to market LNG was high and as a result the government may have to reconsider the feasibility of the deal.
-------------- EU needs Iran gas: French leader
A French political party leader and former defense minister called anti-Iran statement by French Foreign Minister Bernard Kouchner ""A dangerous impudence"".
Mouvement des Citoyens Party Leader Jean-Pierre Chevenement criticized Kouchner recommendation to the French companies not to conclude any agreements with Iran.
""Iran has huge natural gas resources like Russia, and without Iran-Russia gas, the future of European energy supplies will be at risk,” Chevenement added.
----------- Renewable energy to take bigger share in China's supply
In the next 30 to 50 years, renewable energy will play an increasingly important role in China's energy supply strategy, and it is expected to account for 30% or higher of China's total energy supply by 2050, said Shi Dinghuan, president of the Institute of renewable energy in China, China Knowledge reported.
Shi said that it is feasible to reach the electricity generation capability of 300 to 500 million kilowatts through wind power by 2050