Iran welcomes Malaysian oil venture<\/p>\n
KUALA LUMPUR (Reuter): Iran is grateful that Malaysia decided
\nto invest in its oilfields despite a possible threat of U.S.
\nsanctions, Iranian Vice-President Hamid Mirzadeh said yesterday.<\/p>\n
\"We are grateful to Malaysia and we are happy that Petronas is
\ninvolved together with a French oil company, Total, to develop
\nour oilfields, especially since it decided to do so even after
\nthe sanction was announced,\" he told reporters after meeting
\nMalaysian Deputy Prime Minister Anwar Ibrahim.<\/p>\n
President Bill Clinton signed the Iran-Libya Sanctions Act on
\nAug. 5 that calls for sanctions to be imposed on non-U.S. firms
\nthat invest US$40 million or more a year in the oil and gas
\nsectors of the two countries.<\/p>\n
Two weeks later, the French oil group Total Sa said Petronas
\nhad taken a 30 percent stake in Iran's Sirri A and E fields
\nthrough its Carigali subsidiary, in a deal approved by Iranian
\nauthorities. Petronas has not commented.<\/p>\n
A U.S. Embassy spokesman said on Thursday that Washington had
\nnot made any decision on imposing sanctions on Malaysia over the
\nIranian investment.<\/p>\n
\"We are aware of these reports on Petronas' investment. The
\nU.S. government is still determining the worldwide implementation
\nof the Iran and Libya sanctions act,\" he said, declining further
\ncomment.<\/p>\n
Malaysian Prime Minister Mahathir Mohamad has shrugged off the
\nthreat of possible sanctions.<\/p>\n
\"We know the general feelings of the U.S.,\" he told reporters
\non Aug. 21. \"We are for working with the U.S. in certain matters,
\nand where we disagree, we will not work with them.<\/p>\n
\"We feel we have the right to make our own national decision,\"
\nMahathir added.<\/p>\n
Meanwhile, the U.S.-ASEAN Council, an American corporate group
\nseeking business in Southeast Asia, said yesterday it opposes the
\nsanctions act.<\/p>\n
\"The American manufacturing community doesn't see unilateral
\nsanctions of this sort as productive or useful,\" said council
\nmember Howard Lewis.<\/p>\n
ASEAN, or the Association of Southeast Asian Nations, groups
\nBrunei, Malaysia, Singapore, Indonesia, the Philippines, Thailand
\nand Vietnam.<\/p>\n
Officials of 13 U.S. companies in the council are touring the
\nregion seeking business partners and opportunities.<\/p>",
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"sponsor": "Okusi Associates",
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