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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Greywolf who wrote (2516)	6/14/2001 10:41:09 PM
From: Tomas	of 2742

Iran: Khatami's election win opens door for Western investment Upstream, June 11 By Nassir Shirkhani Iran passport to power President Mohammad Khatami’s landslide victory is bound to speed up further involvement of Western oil companies in Iran and encourage an earlier end to US sanctions against the Islamic republic. The victory clears the way for kick-starting the buy-back programme that has all but come to a halt because of wrangling over investment terms. The buy-back model has helped Iran win billions of dollars in foreign investment to develop its oil and gas fields. International companies had held back from signing new contracts with National Iranian Oil Company (NIOC) pending the outcome of the 8 June presidential elections that gave Khatami almost 78% of the vote. NIOC is now likely to mark Khatami’s landslide win in the coming weeks by signing an agreement with Italy’s Eni to develop the southern onshore oilfield of Darkhovin under the current buy-back formula. A similar deal with Spain’s Cepsa is expected for development of the Cheshmeh Khosh field, also located in the southern province of Khuzestan. President George Bush's administration, which has welcomed Khatami’s re-election, is now lobbying for a two-year extension of the Iran Libya Sanctions Act (ILSA) that expires in August. A powerful pro-Israeli lobby has been pressing for a full five-year extension of the law, which bars US companies from investing in the two countries. The ILSA also threatens to punish foreign oil companies investing in Iran and Libya. NIOC itself faces major changes following the election as the president’s supporters in the Majlis (parliament) want a merger of the oil and energy ministries in a bid to manage better national energy policy. The Energy Ministry is responsible for power generation and water resources. It remains to be seen whether Oil Minister Bijan Zanganeh will run the new enlarged ministry.

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