MADRID (Thomson Financial) - Repsol YFP SA will make a final decision 'later rather than sooner' in 2009 on investments in the Persian LNG liquefied natural gas project in which it is involved with Royal Dutch Shell, said chairman Antoni Brufau.

Speaking to reporters after the Spanish-Argentine oil and gas group's two-day top executive convention, Brufau insisted that Repsol does not plan to abandon the project.

'This is absolutely not the case,' he said.

Monday, the Financial Times said Repsol and Shell are withdrawing from part of the project, the $10 bln-plus development of phase 13 of Iran's huge South Pars gas field.

Both companies could still participate in other phases, the newspaper added.

Brufau said the oil majors are currently in negotiations with the Iranian government to exchange their stakes in phase 13 for a share of another bloc, possibly either 20 or 21.

The Persian LNG project will be 'enormously important' if it comes to fruition, he added.

tfn.europemadrid@thomson.com

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