VOL. XXXVI

NO. 32

10-MAY-1993

UAE

Gulf Interstate Awarded Oil Concession In Russia; Opens Office In Poland

Gulf Interstate Oil Company (GIOC), an independent Arab- owned oil companybased in Dubai, announced on 26 April that its Russian subsidiary, Gulf Russia,has been awarded an oil concession in the Stavropol region in southern Russiabetween the Caspian and Black Seas. GOIC said that initial test results showthat the concession holds more than 300mn barrels of oil reserves. The companyintends to...