IRAQ

Italian Firms to Settle Debts with Crude Oil Sales 

Italy's two electromechanical firms, GIE and SAE, have reached agreement with Iraq's State Oil Marketing Organization (SOMO) for the delivery of 40,000 b/d of crude oil over a 16month period (September 1986-December 1987) in return for work and equipment supplied from 1980 to 1983 estimated at $154mn and DM2.3mn plus accrued interest of approximately $19mn. Montedison's energy division, SELM, will be responsible for...