Italy has announced a major new oil deal with the United Arab Emirates, which will bypass the multinational oil companies.
Italy has announced a major new oil deal with the United Arab Emirates, which will bypass the multinational oil companies. The agreement, which means Italy will get oil direct from the UAE, follows a three-day visit to Italy by the UAE petroleum minister Dr. Mana Said Al-Oteiba.
SYNOPSIS: Rome's Quirinale Palace was the venue for the talks. Among the ministers and officials on hand to welcome Doctor Al-Oteiba was Italian Premier Francesco Cossiga. Recently mr. Cossiga helped negotiate Common Market permission to increase Italian oil imports by five percent. The accord with the United Arab Emirates is now expected to supply most of this, although no official estimate has yet been made concerning the size of the deal.
Next day, Doctor Al-Oteiba secretary-general of the Organisation of Petroleum Exporting Countries (OPEC), explained the agreement.