Business
June 28 - July 2, 1999 / Tir 7-11, 1378
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Today
* Oil market rally solid at 18-month
highs
* Pakistan seeks lower cost of Iran pipeline
Previous
* Rules on sales to Iran weeks away-State
Department
* Iran plans refinery, petchem plant in northeast
* Iran plans aid to drought-stricken farmers
* Iran '99 Wheat Buying Hits 3.0MMT To Date
* EU expects us to honour iran sanctions waivers
* Iran allows banks to use rial floating rate-papers
* Italian bank agrees to extend billion dollar credit line
to Iran
* Russia may build 3 nuclear plants in Iran -agency
* Iran welcomes British investment in oil industry
* Iran, Saudi to compete for top OPEC job
* Alliance with Daimler Chrysler licensee In Iran
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$ Rate
Updated July 2, 1999
* To send money to Iran, the rate is 855-895 tomans per
dollar, depending on how much you wish to send.
* To send money out of Iran, the rate is 905 tomans per
dollar.
Source: Sehaty Foreign Exchange. Preferntial rates for readers of The
Iranian Times. Call in U.S.: 602-595-0777 OR 500-288-8881,
Fax: 602-595-0222. Address: PO Box 3230, Carefree, AZ 85377,
USA. Mention this code: FA 37 B
Friday,
July 2, 1999
* Oil market rally solid at 18-month highs
LONDON, July 2 (Reuters) - World oil markets on Friday cruised serenely
at heights not seen for 18 months as dealers pondered the prospects of
further price gains to come. London August futures for benchmark Brent
ended four cents higher on the day at $17.66 a barrel after peaking at
$17.76 on Thursday, the highest oil price since December 1997 ... FULL
TEXT
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* Pakistan seeks lower cost of Iran pipeline
June 28, Dubai (Gulf News) Pakistan has asked Iran to reduce the cost
of the proposed gas pipeline to make it more affordable. The two states
recently opened talks on the Dh9.17 billion gas pipeline project. An Iranian
delegation met Pakistan's Minister of Petroleum and Natural Resources Chaudhary
Nisar Ali Khan, according to a report in Progress, a monthly publication
of Pakistan Petroleum Ltd ... FULL
TEXT
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Thursday
Juuly 1, 1999
* Rules on sales to Iran weeks away-State Department
WASHINGTON, July 1 (Reuters) - The Clinton Administration is ``weeks''
away from issuing new rules that would allow U.S. exporters to sell food
and medicine to Iran, Sudan and Libya, a top U.S. government official said
on Thursday. ``We are in the very, very final stages'' of issuing the rules,
Stuart Eizenstat, Undersecretary of State for Economic and Business Affairs,
told a Senate Foreign Relations committee. He would not give a specific
date except to say the regulations will be finalized in ``weeks.'' ...
FULL TEXT
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* Iran plans refinery, petchem plant in northeast
TEHRAN, June 30 (Reuters) - Iran plans to build an oil refinery and
a petrochemical plant in its northeastern free economic zone of Sarakhs,
an economic official said on Wednesday. Iraj Kazemian, deputy head of the
zone, said the country also planned to build a 600-megawatt power plant
and oil and gas storage facilities with a total capacity of 50,000 tonnes
in the area, the official news agency IRNA reported ... FULL
TEXT
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Wednesday
June 30, 1999
* Iran plans aid to drought-stricken farmers
TEHRAN, June 29 (Reuters) - Iran's parliament is to consider emergency
legislation to allocate aid to farmers hit by the country's worst drought
in 30 years, a senior deputy said on Tuesday. Mohammad Baqer Nobakht, a
leading member of the parliament's budget committee, told state television
that the assembly would on Wednesday discuss the aid allocations which
would go beyond more than 600 billion rials already earmarked by the government
... FULL
TEXT
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* Iran '99 Wheat Buying Hits 3.0MMT To Date; Sugar 800,000MT
June 29, TEHRAN (Dow Jones)-- Iran has imported around 3.0 million metric
tons of wheat and 800,000 tons of sugar this year, an Iranian Commerce
Ministry official said Tuesday. The Iranian year started March 21. Iran
's government has allocated $1.5 billion to buy essential food commodities
for the country this year because a drought has reduced domestic food production,
Houshang Dehqan, head of the Commerce Ministry's distribution network supervisory
office, told the Iranian state news agency IRNA ... FULL
TEXT
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* EU expects us to honour iran sanctions waivers
London, june 30, irna - the european union expects the us to honour
its commitment guaranteeing waivers to sanctions threats against the latest
iranian oil contracts awarded to elf of france and italy's eni. michael
pulch of the european commission said wednesday that us secretary of state
madeleine albright "reaffirmed" its pledge as required in each
case at the recent eu-us summit in bonn ... FULL
TEXT
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Tuesday
June 29, 1999
* Iran allows banks to use rial floating rate-papers
TEHRAN, June 29 (Reuters) - Iran has authorised state banks to exchange
hard currency gained from exports at an official floating rate close to
the currency's black market value, newspapers reported on Tuesday. The
decision is the latest move by the government to ease strict foreign exchange
controls which have been widely blamed for stagnating non-oil exports ...
FULL
TEXT
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* Italian bank agrees to extend billion dollar credit line to Iran
TEHRAN, June 29 (Wire Services) - An Italian commercial bank has agreed
in principle to extend a billion dollar credit line to Iran, Italian sources
said Tuesday. The Mediocredito Centrale, which specialises in export credits,
initialled the preliminary agreement here Tuesday. The final accord is
to be signed shortly in Italy, the sources said ... FULL
TEXT
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Monday
June 28, 1999
* Russia may build 3 nuclear plants in Iran -agency
MOSCOW, June 28 (Reuters) - Russian Prime Minister Sergei Stepashin
gave the go-ahead on Monday for discussions with Iran on building three
nuclear power plants in that country, Interfax news agency said ... FULL
TEXT
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* Iran welcomes British investment in oil industry
TEHRAN (June 28) XINHUA - Iran welcomes British companies to invest
in the country's oil sector, said an Oil Ministry official Monday. The
cooperation between British companies and Iranian private sector would
further activate and promote performance of Iranian businesses in developing
the oil sector, said Iranian Deputy Oil Minister for International Affairs
Mehdi Husseini ... FULL
TEXT
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* Iran, Saudi to compete for top OPEC job
DUBAI, June 27 (Reuters) - Iran said on Sunday it will put up a candidate
for the post of OPEC secretary-general, unleashing a battle with powerhouse
Saudi Arabia for the key post at the helm of the influential oil cartel.
``Iran has a candidate for the position of OPEC secretary-general,'' an
Iranian oil ministry source told Reuters ... FULL
TEXT
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* Alliance with Daimler Chrysler licensee In Iran
CALGARY, June 28 /CNW-PRN/ - Alternative Fuel Systems Inc. (AFS) is
pleased to announce the signing of a detailed Memorandum of Understanding
(MOU) with the largest diesel engine manufacturer in Iran. Iranian Diesel
Engine Manufacturing Company (IDEM) manufactures Mercedes Diesel Engines
under license from Daimler Chrysler. Daimler Chrysler has a 30% ownership
interest in IDEM ... FULL
TEXT
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