VOL. XXXI

NO. 22

7-MARCH-1988

UAE

Otaiba Denies Offering Price Relief to Japanese Buyers

The UAE Oil Minister, Dr. Mana Saeed al-Otaiba, has categorically deniedpress reports that he had given "verbal assurances" to Japanesecompanies to the effect that they would be compensated retroactively for lossessustained as a result of the widening gap between official prices and spotmarket prices.

Dr. Otaiba told the Dubai daily Gulf News that "Abu Dhabi will not budgefrom its determination to help...