VOL. XL

No. 29

21 July 1997

IRAN

German Loan To Iran May Bring US Sanctions

US State Department spokesman Nicholas Burns said on 14 July that the US may have toinvoke sanctions against the German bank Westdeutsche Landesbank Girozentrale (WestLB) ifit goes through with a loan to Iran to develop the offshore Suroush oilfield. WestLB hasbeen arranging a $90mn loan for the Iranian Offshore Engineering Construction Company(IOEC), which has been contracted by NIOC to undertake redevelopment of the...