Financial and Banking News
LOANS AND ISSUES
Iraq to Pay Japanese Debt with Oil
Iraq has agreed to repay its debts to Japanese trading companies with oilsales. In a deal which may well be repeated for other countries, the state oilmarketing company SOMO will allocate 25% of its gross revenues from the sale ofcrude oil to Japan to an escrow account at the Bank of Tokyo which will be usedto repay 350bn ($3.6bn) worth of outstanding Iraqi debts to Mitsubishi,Marubeni...