New York, Nov. 14, 09  - The head of French oil giant Total Fina Elf (TOTF.PA) said on Thursday that gasoline embargo against Iran would be futile and 'wouldn't work'.

 

Total CEO Christophe de Margerie made the comment at a panel at Columbia University in New York.

 

'I am puzzled as to why we might think of using embargoes of petroleum products to Iran, first of all because they wouldn't work,' he said during the panel.

 

Citing Iran's importance as a major gas producing country, de Margerie said because of this Iran would most likely become and important gas supplier to Europe as it holds some of the world's largest gas reserves.

 

'The gas from Iran will be very important to supply Europe and it will be part of our system or we will have problems.' He added.

 

Energy poor Europe has been increasingly reliant on gas from a single source that is Russia. Though Russia could supply the European gas needs, the Europeans are working towards diversifying their sources of natural gas.

 

Iran as a second largest holder of natural gas reserves after Russia could become a main supplier of gas to European market in the future.

 

Total is world's fourth largest oil company.

 

Arash - Hamsayeh.Net

Nov. 14, 09