VOL. XLII

No. 04

25-January-1999

IRAN

Parliament Allocates $5.4bn For Buy-Back Projects In Next Iranian Year

The Iranian parliament has allocated some $5.4bn to the National Iranian Oil Company (NIOC) for the funding of buy-back projects with foreign firms during the Iranian year 1378, which begins on 21 March. The figure is identical to that which was approved for 1377 (MEES, 19 January 1998). Under the buy-back formula, the outside company is required to put up all of the investment capital...