Machine summary:
"The Managing Director of the company in charge of the $2 billion Iran-Kuwait water said that $400 million of the project financing will be managed by the Iranian government through Bank Melli Iran, according to Adel Noori Jaber, DIB Manager for international and direct investment.
(]RNA, June 23, 2001) Foreigners Get a High Share in Buy-Back Deals- Sealing buy• back contracts with overseas oil companies within recent years has caused and induced enormous controversy regarding the advantages and disadvantages of such deals.
A second frustration concerning buy-back is that they are short-term (five, six or seven years) whereas oil companies plan for long- term stay in their target states.
If the government intends to offer a five-year buy-back package, the bidder never provides Iran with the state• of-the-art technology, but instead, they bring just enough know-how to implement the project.
Iran holds the world's second-largest reserves of natural gas after Russia but exports very little and has been actively seeking foreign investment to boost its oil and gas production capacity.
In January, a top official from Iran's national gas company said Tehran was expecting to boost its natural gas production by more than 20 percent to 360 million cubic meters per day beginning in March.
(!RNA, June 18, 200 I) Iran Exports 70% of World's Saffron - Iran produces some 70 percent of the world saffron, with the total crop reaching 170 tons each year, the managing director of a saffron-producing company said."
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