Newspaper article THE JOURNAL RECORD

Arabian Exports Crude from Persian Gulf Area

Newspaper article THE JOURNAL RECORD

Arabian Exports Crude from Persian Gulf Area

Article excerpt

Arabian Exports Crude from Persian Gulf Area MANAMA, Bahrain _ Arabian Oil Co., a Japanese-owned concern, has exported crude from offshore fields in the neutral zone between Saudi Arabia and Kuwait for the first time since the Persian Gulf War ended, company officials said. They said the first cargo of 770,000 barrels left the port of Khafji on the gulf coast this week and headed for Fuji Oil Co. and Kyodo Oil Co. in Japan. Output from the neutral zone is between 80,000 and 90,000 barrels a day, the officials said. Before the Iraqi invasion of Kuwait last August paralyzed Kuwait's oil industry, output in the zone totaled about 250,000 barrels a day. Production in the zone is shared equally by Saudi Arabia and Kuwait. Arabian Oil officials said the company resumed production from lightly damaged facilities on June 2. Chevron, Coastal to Import Crude from Iran Chevron Corp. of San Francisco and Coastal Corp. of Houston are poised to become the first U.S. oil companies in four years to import crude oil from Iran. Chevron has a tentative agreement to import between 1 million and 3 million barrels of Iranian oil this summer, according to Herb Long, general manager for planning and development of Chevron International Oil Co., a Chevron Corp. subsidiary. That could amount to $16.5 million to $49.5 million worth, based on current prices of $16.50 per barrel for Iranian crude. The company has not determined where the oil would be delivered. It has applied to the U.S. Treasury Department for a special import license and hopes for approval within a week, Long said. Chevron executives are negotiating final terms with the National Iranian Oil Co. in London, he added. Coastal, which has a refinery across San Francisco Bay in Hercules, said the Treasury Department approved its request for an import license on Monday. The company will buy 2.5 million barrels of Iranian crude, a spokeswoman said. Iran, which once denounced U.S. oil companies as agents of Satan, is counting on the new oil revenues to help rebuild the country's economy, shattered by eight years of war with Iraq. National Sports Daily to Cease Publication NEW YORK _ The owners of The National Sports Daily said Wednesday they will quit publishing the nation's first all-sports daily newspaper after Thursday's issue. The newspaper, started with great fanfare and promise 17 months ago, said it was closing down because of the "eroding prospects for the publishing industry as a whole." The newspaper's owners, led by the Mexican media baron Emilio Azcarraga, lost an estimated $100 million and saw no quick prospect for profitabilty. The National was launched Jan. 31, 1990 with editions in New York, Chicago and Los Angeles. It has since expanded into eight more markets. GM to Waive Deductible on Warranty Work for '92 Models DETROIT _ General Motors Corp. …
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