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March 8-12, 1999 / Esfand 17-21,1377

News | Sports | Arts | Rights | Community

Today

* The Hague oil producer cuts deal
* Oil prices soar as producers agree new cuts
* Iran, Italy conclude $2 billion deals

Previous

* Iran stresses opposition to Turkmen pipeline project
* Crude down on lack of oil talk news
* Iranian delegation meets ENI officials
* No decision imminent on US farm sales to Iran
* Crude oil futures soar
* Oil holds gains after Iran-Saudi accord
* Unpaid factory workers beat boss in Iran
* Iran says its oil market open to U.S.
* New express train service in Tehran
* Saudi crown prince, Khatami hold talks
* Japan eyes resuming loans to Iran: report

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$ Rate

Updated March 12, 1999

* To send money to Iran, the rate is 780-810 tomans per dollar, depending on how much you wish to send.

* To send money out of Iran, the rate is 820 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: BAJ 07

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Friday,
March 12, 1999

* The Hague oil producer cuts deal

THE HAGUE, March 12 (Reuters) - Following is the full text of the statement released at the end of the oil producer talks on Friday: 1) In response to an invitation by HE Youcef Yousfi, the Minister of Energy and Mines of Algeria and President of the OPEC Conference, the Minister of Petroleum of Iran, Bijan Namdar Zangeneh; the Minister of Petroleum and Mineral Resources of Saudi Arabia, Ali Al-Naimi; and, the Minister of Energy and Mines of Venezuela, Ali Rodriguez, met at the Algerian Embassy in The Hague on the 11th and 12th of March, to exchange views on the current situation and outlook of the international oil market. The Minister of Energy of Mexico was represented by Adrian Lajous, CEO of PEMEX, the Mexican state oil company ... FULL TEXT

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* Oil prices soar as producers agree new cuts

LONDON, March 12 (Reuters) - World oil prices gained nearly a dollar on Friday, soaring after an emergency meeting of key oil powers agreed to remove more than two million barrels per day (bpd) from a glutted market to support prices. International benchmark Brent blend crude oil from the North Sea breached a psychological level of $13 a barrel shortly after Saudi Arabian Oil Minister Ali al-Naimi announced news of a deal in The Hague ... FULL TEXT

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* Iran, Italy conclude $2 billion deals

TEHRAN, Iran, March 12 (UPI) -- An Iranian official says his country has signed economic agreements worth $2 billion with Italy during a visit by Iranian President Mohammed Khatami to Rome this week. Minister of Mines and Metals Eshaq Jahangiri, who is also the head of the Iran-Italy Joint Committee, said today) initial accords were reached to execute numerous economic projects by Italy in Iran ... FULL TEXT

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Thursday
March 11, 1999

* Iran stresses opposition to Turkmen pipeline project

TEHRAN, March 10 (AFP) - Iran's oil ministry reiterated its opposition Wednesday to Turkmenistan's plans for a natural gas pipeline under the Caspian sea that would bypass the Islamic republic. Iran is the "best and cheapest route," said Deputy Oil Minister for Caspian affairs Ali Majedi before leaving for an international oil and gas conference that began Wednesday in the Turkmen capital of Ashgabad ... FULL TEXT

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* Crude down on lack of oil talk news

March 11, 1999, (AP) - Crude oil futures retreated on the New York Mercantile Exchange Thursday as market participants awaited news from a meeting of key world oil producers in Amsterdam. But the meeting in Amsterdam of Saudi Arabia -- the world's top producer -- Venezuela, Iran, Algeria, Mexico and Norway produced no news of solid plans to go ahead with the supply cuts ... FULL TEXT

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Wednesday
March 10, 1999

* Iranian delegation meets ENI officials

MILAN, March 10 (AFP) - Iranian officials acocmpanying President Mohammad Khatami have met top executives of the Italian oil giant ENI, delegation officials said Wednesday. The officials gave no details of the talks or when they were held. ENI signed a deal earlier this month to develop an oil field in Iran ... FULL TEXT

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* No decision imminent on US farm sales to Iran - sources

WASHINGTON (Reuters) - Despite growing pressure from farm-state lawmakers, the Clinton Administration is not close to a decision on a request to waive trade sanctions that would allow Iran to buy more than $500 million in U.S. farm goods, administration officials said Wednesday. The waiver, requested by Niki Trading Co., is seen by farmers and grain traders as an important step in opening up new export markets for overflowing American grain bins ... FULL TEXT

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* Crude oil futures soar

March 10, 1999, (AP) - Crude oil futures soared on the New York Mercantile Exchange Wednesday, a day before key oil producers planned to meet in Amsterdam to consider output cuts. Unleaded gasoline and heating oil also moved sharply higher. On other markets, wheat futures jumped, boosting corn and soybeans. Saudi Arabia, the world's largest producer, and Iran are the catalysts for the latest rally. With prices continuing to hover at their lowest in a decade and their budgets tumbling into the red, countries that rely on crude exports for cash are trying to build momentum for greater output reductions ... FULL TEXT

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Tuesday
March 9, 1999

* Oil holds gains after Iran-Saudi accord

LONDON, March 9 (Reuters) - World oil prices consolidated recent gains on Tuesday as details emerged of an accord between Gulf OPEC rivals Saudi Arabia and Iran which could pave the way for more OPEC supply curbs. Saudi Arabia will present to other Gulf Arab OPEC ministers later this week a compromise agreement over Iran's baseline for oil output cuts, a Gulf source said ... FULL TEXT

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* Unpaid factory workers beat boss in Iran

TEHRAN, March 9 (AFP) - Workers in a northern Iranian textile factory locked their boss in an office and beat him Tuesday following a protest over plans to close the plant. The director of the factory, in the town of Qahemshahr in the northern province of Mazandaran, was held for an hour and beaten before police intervened to free him, workers told AFP ... FULL TEXT

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Monday
March 1, 1999

* Iran says its oil market open to US, calls for end to embargo

TEHRAN, March 7 (AFP) - Iran stepped up the pressure to end the US embargo with the surprise announcement Sunday that US oil companies face "no obstacle" to doing business in the Iranian oil industry. "There is no obstacle to US oil companies participating in oil development projects in Iran," Foreign Minister Kamal Kharazi said, clearly referring to Washington's unilateral trade embargo which prohibits US companies from doing business here. He underscored the point by stressing that the embargo served only to hamper US business interests ... FULL TEXT

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* Iran begins new express train service in Tehran

TEHRAN, March 7 (AFP) - Iranian President Mohammad Khatami inaugurated a new electric train link on Sunday between Tehran and the city of Karaj in the western Tehran province ... FULL TEXT

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* Saudi crown prince, Iran's president hold talks after oil accord

RIYADH, March 8 (AFP) - Saudi Crown Prince Abdallah ibn Abdel Aziz has held talks with Iranian President Mohammad Khatami, after their countries agreed to combat the collapse in oil prices, the official news agency SPA announced. It said they discussed "bilateral and regional ties" in a telephone call late Sunday, but gave no details ... FULL TEXT

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* Japan eyes resuming loans to Iran: report

TOKYO, March 8 (AFP) - Japan has launched negotiations aimed at resuming low-interest loans to Iran following a six-year-suspension, a report said Monday. As a first step, Tokyo is to provide at least 100 billion yen (820 million dollars) for Tehran to finance the construction of a hydro-electric power station on the Karun river in Iran's southwestern provice of Khuzestan, the Nihon Keizai Shimbun said ... FULL TEXT


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