The boss of French energy giant Total says he will not invest in Iran because it is too risky. The firm had been due to develop gas fields in the south of the country, but Christophe de Margerie told the Financial Times it would not go ahead. The announcement comes a day after Iran test-fired a series of missiles, amid weeks of rising tensions with Israel over Tehran's nuclear ambitions. Analysts say the move will be a big blow to Iran's energy industry.
The US has recently stepped up the pressure to impose tougher sanctions on Iran and companies that do business with it. The FT reported that Total was the last major western energy group considering making a significant investment to develop Iran's huge natural gas reserves.