TEHRAN: Iran has proposed a deal to Kuwait to transfer 500,000 cubic feet of gas per day to the Arab country, according to Iran's oil minister. Officials from the two countries have been discussing a deal to supply Kuwait with Iranian gas for over four years. Kuwait has been unable to meet its domestic natural gas demand, despite efforts to increase domestic production. "Iran and Kuwait have discussed about a deal in this regard and Tehran has made its proposals on the issue," Gholam-Hossein Nozari said.
The Iranian minister confirmed that Kuwait would make a decision on the deal after studying the Iranian offer. "We have already discussed the issue on the sidelines of the recent OPEC meeting in Doha," Nozari stated earlier in November.
According to MEED news agency, the first phase of the proposed deal is expected to be launched by 2011. Iran holds the world's second largest gas reserves.
In another development, Iranian President Mahmoud Ahmadinejad yesterday urged the world to resist the "greed" of capitalism and to prevent the rebuilding of the shattered global financial system.
Capitalism has reached the end and current efforts will not save it, just as the socialist economy came to an end," Ahmadinejad said in a speech to a UN development conference in Doha broadcast on Iranian state television.
We need to resist the greed of global capitalism... and try not to allow the current damaged system to rebuild itself," he told the conference, which is seeking ways to limit the impact on developing countries of the global financial crisis.
The outspoken Iranian president, one of only a small number of national leaders at the Qatar gathering, accused Western leaders of seeking to present their own economic crisis as a global problem.
By applying force and propaganda they want to exact the price of the crisis from the pockets of other nations," he said, advising Western leaders to learn from their "wrong and selfish past behavior.
He said the world should develop a new economic and banking model based on "spirituality, without usury, stemming from religious teachings.
Ahmadinejad himself has faced mounting criticism in Iran over his expansionist economic policies and surging inflation, which has reached 30 percent.
A group of prominent economists also this month slammed Ahmadinejad over his confrontational attitude toward the rest of the world, which they said had cost the country dearly in lost trade and investment.
Iran is under international sanctions over its refusal to halt controversial nuclear work, which is feared to be a cover for weapons development. Tehran denies the charges. --- Agencies
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