Thursday, February 08, 2007

VIENNA AUSTRIA ;))

With America shut out of Iran, oil companies from other countries remain eager to take up the slack, particularly because Tehran's petroleum industry is not under U.N. sanctions.
Though it has fallen since then, total European Union trade with Iran was at more than $25.85 billion in 2004, the last year complete figures were available.
Among those signed up for the Vienna meeting were executives from Russia's Lukoil, China's Sinopec, Austria's OMV and Royal Dutch Shell PLC. (RDSB)
Commerzbank last week ended dollar-demoninated transactions with Iran, after officials at the bank - Germany's second-largest - spoke of "U.S. pressure" on their institution. With the move, Commerzbank joined Britain's Barclays PLC (BCS) and HSBC Holdings PLC (HBC), Societe Generale SA and Credit Lyonnais of France, and Credit Suisse Group (CS), UBS AG (UBS) and ABN Amro Holding of Switzerland.

Just last week Ayatollah Ali Khamenei, Iran's supreme leader, further raised the anxiety level in energy-dependent Europe when he suggested that his country and Russia - which together own about half the world's natural gas reserves - move to establish their own OPEC. (?)

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