IRAN, ITALY SIGN OIL EXPLORATION CONTRACT

NICOSIA [MENL] -- Iran and Italy have signed a contract to explore anddevelop oil reserves in southwestern Iran. The contract was reported at more than $1 billion and was signed betweenTeheran and ENI of Italy. Officials said the contract calls for ENI tofinance development of the Darkhuwainoil field in Khuzestan province in return for a share in revenues from oilexports.