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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2619)7/6/2001 12:46:55 PM
From: Tomas   of 2742
 
Iranian oil minister says US sanctions "pure masochism"
Text of report by Italian newspaper "Il Sole 24 Ore", in Italian, on 5 July

Vienna: Iran is not concerned over the threat of an imminent renewal of sanctions by the United States and it has announced a stepping up in foreign investments in the Islamic country that could lead, among other things, to a new major contract with the Eni [Italian National Hydrocarbons Agency] being concluded soon after the one signed only last week for the development of the Darkho'in oil fields.

On the sidelines of the OPEC summit, Iranian Oil Minister Bizhan Namdar-Zangeneh called Washington's position pure masochism, as all expectations point to the United States' extending the 1996 Iran-Libya Sanctions Act next month: The only uncertainty regards the duration of the extension since the Bush administration does not appear to be insensitive to all the moaning coming from the oil industry, even if he does fear a clash with Congress.

"I truly do not understand the US parliamentarians' attitude: They are renewing sanctions against themselves," Zangeneh said, adding: "They have not prevented us from developing our hydrocarbons industry: We have achieved everything that we wanted to achieve in conjunction with foreign companies. The US sanctions are sanctions against US companies."
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