Iran would gain 'economic benefits' if halts nuclear program: Rice

Washington (Platts)--31May2006

The US will join its European allies in talks with Iran once Tehran
"fully and verifiably suspends" its alleged nuclear weapons program, Secretary
of State Condoleezza Rice said Wednesday.

"Iran now faces a clear choice," Rice told reporters. It can continue "to
pursue nuclear weapons in defiance of the international community" and "incur
only great costs" or it can suspend all uranium enrichment and reprocessing
efforts and reap "real benefits and longer-term security," she said.

Saying that President George W. Bush was committed to a diplomatic
solution to the impasse, Rice said the US would be willing meet with Iran, an
offer that was forwarded to Tehran officials through a Swiss envoy. The US has
had no diplomatic ties, and few talks, with Iran since the 1979 takeover of
the US Embassy in Tehran.

Rice also said that the US acknowledges Iran's right to civil nuclear
energy.

Word of the US offer to talk to Iran caused oil prices to slide. At 11:40
am, NYMEX crude oil futures were down $1.68 at $70.35/barrel.

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