Another example of those big companies that are supposedly...

Another example of those big companies that are supposedly refusing to do business in Iran.

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http://www.reuters.com/article/worldNews/idUSL2151724420070421

TEHRAN (Reuters) - Iran signed a major gas development and production agreement with Austrian energy group OMV on Saturday, official Iranian media reported.

State radio estimated the total value of the deal at $18 billion but other Iranian media did not mention any figures.

OMV officials in Tehran declined comment on the reports, saying information would be made available later on Saturday.

Iran sits atop the world's second-largest gas reserves after Russia but politics, sanctions and construction delays have slowed the country's gas development and analysts say it is unlikely to become a major exporter for a decade.

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The United States has urged its allies not to invest in Iran as part of a campaign to force Tehran to stop its nuclear programme. Washington is concerned the programme is aimed at making atomic bombs but Iran says it is meant for electricity production so that it can export more of its valuable oil and gas.

Iran's huge oil and gas reserves are a strong magnet for international energy companies despite the political risks.

"Officials of Iran's Oil Ministry and the managing director of the Austrian OMV have signed a gas agreement worth $18 billion," state radio said.

Under the deal, OMV would cooperate with Iran in producing liquefied natural gas, the radio added. State television said OMV would also purchase gas from Iran. Continued...