LINK: BRINGING IRANIAN OIL ON THE MARKET THREATENS PRICES
SANCTIONS HAVE KEPT THE IRANIAN OIL INDUSTRY FROM EXPANDING
Janet Matthews Information Services, World of Information Country Report November 2, 1999 SECTION: Comment & Analysis; Country Profile; Statistics; Forecast; Pg. 8 HEADLINE: IRAN: INTRODUCTION // ln-acs 12/18/99
Despite interest from foreign firms, the Iranian oil industry, the engine of the economy, has suffered from years of neglect. The country has huge oil reserves (12.3 billion tonnes in 1998 or 8.5 per cent of the global total) and gas reserves (23.0 trillion cubic metres in 1998, 15.7 per cent of the world total), but the vast majority of current production is from wells developed in the 1970s or earlier. Consequently, according to World Bank figures, Iran's GDP in 1997 stood at US $ 125 billion, 41 per cent lower than the 1986 figure of US $ 212 billion. Annual growth between 1998-2002 is expected to be a meagre 1.7 per cent.
OIL COMPANIES ARE READY TO INVEST IN IRAN AS SOON AS THE EMBARGO IS LIFTED
ROULA KHALAF, March 9, 2000 Financial Times (London), March 9,2000, HEADLINE: WORLD NEWS: TRADE: Iran to buy US wheat if embargo ends//Lxnx hxm
An easing of the US embargo would boost Iran's non-oil exports, but Tehran is looking for a total lifting of sanctions to encourage foreign investment. Many US companies are also eager to resume business ties with Iran. American oil company representatives go regularly to Tehran to maintain contact and prepare for the end of the embargo.