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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO)

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Nov 11 4:00 PM EST

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To: Charles A. King who wrote (9624)	6/24/1998 12:47:00 PM
From: Charles A. King	of 13091

Turkey uses a tax on diesel illicitly imported from Iraq to help finance development of its Southeast region. Turkey to raise duty on Iraqi diesel trade 09:01 a.m. Jun 24, 1998 Eastern ANKARA, June 24 (Reuters) - Turkey said on Wednesday it was raising the duty on diesel brought into the country from northern Iraq in a bid to tighten controls on a trade which technically violates U.N. sanctions. State Minister Ahad Andican said the tax, aimed at funding provinces in Turkey's economically backward southeast region, would be raised to 80 percent from 60 percent. ''The diesel coming from this region under the name of border trade is responsible for treasury losses of $1.5 billion,'' the government spokesman told reporters after a cabinet meeting. The duty increase will become effective once published in the country's official gazette. ''By raising the tax level and limiting the trade regionally, its impact on the national economy will be avoided,'' he said. He said the government was drafting measures aimed at limiting the trade regionally and preventing unfair competition when the diesel is sold outside the southeast. The traders take food and clothing into Iraq and return with consignments of diesel sold well below official prices. Ankara's Western allies tolerate the trade despite its violation of sanctions imposed after Iraq invaded Kuwait in 1990. The United States acknowledged last week that Iraq smuggles about $100 million in oil a year through Turkey and said it was inevitable some oil would get through. Turkey complains that it has lost more than $35 billion in trade with Iraq since the sanctions were imposed. The trade has continued despite threats by the rebel Kurdistan Workers Party (PKK) to halt it. The rebels, fighting for self-rule in mainly Kurdish southeastern Turkey, say the trade finances an Iraqi Kurdish group that is allied with the Turkish government against them. More than 28,000 people have died in 13 years of conflict between Turkish security forces and the PKK, who use northern Iraq as a base from which to launch raids on Turkey. Northern Iraq has been outside the control of Iraqi President Saddam Hussein since after the 1991 Gulf War. infoseek.com:80/Content?arn=a1139LBY616reulb-19980624&qt=turkey&col=NX&kt=A&ak=news1486 Charles

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