Italy has announced a major new oil deal with the United Arab Emirates, which will bypass the multinational oil companies.
GV The Quirinale Palace
Officials standing around as SV United Arab Emirates Petroleum Minister Dr. Mana-Said Al-Oteiba shakes hands with Italian Prime Minister Francesso Cossiga
GV EXTERIOR Hilton Hotel in Rome
SV INTERIOR Al-Oteiba speaking at press conference in English as newsmen listen (3 SHOTS)
DR. AL-OTEIBA: "Concerning each country practising sovereignty over its natural wealth, it is true, but once you agree to link your territory with your colleagues, then you have to fix your words and affix your signature. So I want to assure you that my country will not support any increase ion the price of oil until the end of the year. We think the increase which has took place in the summer will cover what we lost from the year '79, unless if something unexpected happens, but until now I think the full situation under control. Now our oil comes to Italy through the oil companies, or the major but certainly we will come to start having a direct relations in the petroleum field as in the other fields, and this is a principle which we all agree and I hope it will be brought up in the future all in fact."
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Background: 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.