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Tuesday, 19 May, 1998, 11:33 GMT 12:33 UK
Malaysia welcomes Clinton concession over Iran contract

The Malaysian national oil company, Petronas, has welcomed the decision by President Clinton not to penalise it for operating in Iran.

Petronas is working jointly with the French-owned Total company and Gazprom of Russia to develop a natural gas field in Iran.

The three companies could have been vulnerable to sanctions under a two-year-old American law designed to penalise foreign firms that enter into contracts with either Iran or Libya.

President Clinton said on Monday that he would waive the penalties.

From the newsroom of the BBC World Service

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