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The head of French energy giant Total has said it will not invest in Iran because it is too politically risky.
The company had been planning to develop the huge South Pars gas field, 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 and the US over its nuclear ambitions.
Analysts say Total's move will be a big blow to the Iranian energy industry.
It means Iran is now unlikely to significantly increase its gas exports until late into the next decade, they add.
"Today we would be taking too much political risk to invest in Iran because people will say: 'Total will do anything for money'."
Christophe de Margerie, Chief Executive, Total