VOL. XXXVI

NO. 4

26-OCTOBER-1992

IRAN

Japex Bows Out of Bidding for Hormuz Fields But Shows Interest in SirriStructures

The Japanese oil group Japex - in which the state-owned Japan National OilCorporation holds two-thirds of the shares - has finally bowed out of thebidding for the development of five offshore oil and gas structures in theHormuz area, after more than a year of unsuccessful negotiations with Iran'sNIOC. The letter of intent between the two parties in this connection formallyexpired...