VOL. XLI

No. 05

2-February-1998

IRAN

Bow Valley Confirms Indonesian Partner Unable To Finance Balal Project

The Canadian firm Bow Valley Energy has confirmed the story carried in last week's MEES(26 Janauary) to the effect that Bakrie Minarak Petroleum, its Indonesian partner in thecontract to develop Iran's 40,000 b/d Balal Offshore oilfield, will no longer be able tofinance the project as planned. In this connection, Bow Valley issued the followingstatement in Calgary on 27 January:

"Bow...