BS reported that Total SA, Europe's third largest oil company, postponed plans to invest in a project linked to Iran's South Pars gas field as pressure mounted on the country over its nuclear ambitions.

Ms Patricia Marie a spokeswoman for Total in Paris said that "As of today, we cannot invest in Iran as we would like to.

She confirmed comments by Mr Christophe de Margerie CEO to the Financial Times saying the company is stepping back from a plan to develop Iranian gas reserves. She said that total is putting plans on hold. We cannot immediately invest in Iran because we would be accused of certain things. This does not put into question our desire to go there."

Ms Marie said for now, Total is putting plans on hold. "We cannot immediately invest in Iran because we would be accused of certain things. This does not put into question our desire to go there."