Business
March 8-12, 1999 / Esfand 17-21,1377
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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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Updated March 12, 1999
* To send money to Iran, the rate is 780-810 tomans per
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Source: Sehaty Foreign Exchange. Preferntial rates for readers of The
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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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