October 21, 2003	Tuesday	Sha'aban 24, 1424

RIYADH, Oct 20: Joint investment activities within the Islamic world would be aggressively promoted, Iranian deputy minister of economy and finance Mohammad Khazaee told a meeting of Muslim entrepreneurs from across the globe. In this regard he added that a proposal to establish Saudi-Iranian joint investment chamber was under active consideration of the two governments.

“The two countries are considering a memorandum of understanding over the issue,” he added. He was speaking at the Muslim Entrepreneurs Assembly. Mr Khazaee is also head of the Organization for the Attraction and Support of Foreign Investment among Muslim countries.

Meanwhile, it has been reported that Iran is planning to establish an oil market in southern Caspian Sea, Iran’s Deputy Minister of Oil for Caspian Sea Affairs Hamdollah Mohammad Nejad told the press in Tehran.

Speaking at a seminar on “Iran’s plans for maximization of oil revenues”, he added: “Using northern Neka-Rei Pipeline, Iran will soon be able to refine a 500,000-barrel daily oil input from Caspian states while exporting the same volume through the Gulf. Using its geo-economic situation as the major passage between two great energy resources, Iran is now ready to help northern neighbours transfer their oil products to the Gulf region.”

“Caspian states can establish an Opec-like organization to develop multilateral cooperation in the fields of oil production and exports,” he said, adding they should as well expand ties with Opec to improve their own position in the global oil market.

There are also indications that Iran may follow Norway in its policies towards Opec and, if necessary, it will leave the organization headquarters to improve its position in the world oil market, Deputy Minister of Oil for Economic Affairs Masoud Nili, the Iranian daily Tehran Times quoted him as saying.

“Iran should do what is mostly in its favour,” Mr Nili added. Considering a long-range outlook, countries with more oil production capacity would gain most from oil exchanges in the market, he said. Mr Nili also said Saudi Arabia had always adapted itself with any changes in the market due to its additional oil reserves.

The Iranian oil ministry is planning to develop temporary oil resources to stand strong in the world (oil) markets, he stated.