VOL. XLNo. 610-February-1997

IRAN

Local Iranian Company Gains Edge In Bidding For Soroush DevelopmentProject

A local Iranian company, the Iranian Offshore Engineering ConstructionCo. (IOEC), appears to be gaining the edge in the bidding for Soroush,one of five offshore oil and gas field development projects now on offerunder the country's model buy-back contract. IOEC is a state company, 51%owned by the National Iranian Oil Company (NIOC) and 49% by the Ministryof Heavy Industries. The firm,...