Iran to Invest $870 Million in Petroleum Industry

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Iran to Invest $870 Million in Petroleum Industry

NICOSIA, Cyprus _ Iran plans to invest $870 million this year to modernize its huge petroleum industry, Oil Minister Gholamreza Aqazadeh told the official Islamic Republic News Agency. Aqazadeh, quoted by the agency in a dispatch monitored in Cyprus, said $620 million would go to the oil sector and $250 million would be used to develop the petrochemical industry. He said top priority was given in the country's current fivear plan to boost the petrochemical industry's production to 6 million tons this year. Panel Rules Canadian Lumber Imports Harm U.S.

WASHINGTON _ The U.S. International Trade Commission ruled Thursday that Canadian softwood lumber imports are harming U.S. manufacturers, clearing the way for the Commerce Department to levy a tariff. The department earlier issued a preliminary finding that a 6.5 percent duty is needed to put U.S. manufacturers on an equal footing with their competitors north of the border. The commission issued a preliminary ruling in December that subsidized lumber from Canada was hurting domestic manufacturers. The panel voted 4-2 Thursday to determine that the imports were harmful. Regulator Censurs Citibank

NEW YORK _ A federal banking regulator censured Citibank for mishandling some 13 truckloads of canceled corporate bonds, some of which surfaced later in a series of shady transactions. …