IRAN: Comeback Trail

Six months ago, General Fazlollah Zahedi, Iran's new Premier, emerged from hiding into Teheran's riotous streets to begin a race. He had exactly $45 million worth of time—a gift from the U.S.—to get Iran back into oil production and onto a stable basis. Zahedi popped the $45 million into the Bank Melli as Account No. 30824 and set to work.

His tasks:

¶ Negotiate an agreement with London compensating the expropriated Anglo-Iranian Oil Co. Probable cost: $300 million.

¶ Repair and modernize Iran's corroded catalytic crackers, sulphur-coated pipelines, neglected transport. Probable...

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