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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (2610)	7/2/2001 1:57:44 PM
From: Greywolf	Read Replies (1) \| Respond to of 2742

Daily commends Japan, Italy's oil deals with Iran, warns US, Tehran, July 1, `Iran News' in its editorial on Sunday commending the oil deals signed on Saturday by Japan and Italy with Iran, warned Washington to review the situation and evaluate its ties with Tehran before the August 1st deadline on unilateral extension of its economic sanctions on the country by its Congressmen. Elaborating on the "concrete" proposals for the Azadegan Oil Field by the Japanese to the Ministry of Petroleum, the English-language daily wrote that the logic behind the current Japanese moves is that conditions are ideal in Iran to supplement world oil supplies and develop projects in oil and gas. It noted that Japan has also voiced its support for "a stable supply of energy, which requires close cooperation with Iran and the region," and added that President Khatami has also made a pledge to Tokyo for preferential rights during his visit to Japan in November 2000. "The enormous Azadegan Field in south-west Iran with reserves of up to 26 billion barrels is an ideal opportunity for Japan, Iran's main trade partner in Asia," wrote the daily. With regard to the oil deal signed between Italy and Iran, the article noted that Vittorio Mincato, the Chief Executive Officer of ENI signed a "dlrs 1 billion deal with the Iranian Oil Minister, Bijan Namdar Zanganeh for the development of the Darqain Oil Field." "Iran has proved a reliable partner for the Italians, who are now involved in four projects in Iran," it said. All these events come at a time when the U.S. remains committed on boycotting Iran and penalizing all the companies that enter into contracts with Iran, wrote the paper warning U.S. that it has, with its attitude towards, only isolated itself from its own allies. "The U.S. Administration has ample time to therefore review the situation and evaluate its ties with Iran", before the August 1st deadline on the sanctions, advised the paper. It would do well if the U.S. Administration "seriously and realistically evaluates its future economic prospects with Iran" before insisting on extending the current sanctions for a further five years, concluded the paper.