administration wants the United States Congress to pass legislation which would end the requirement for the use of MTBE in gasoline sold in some smog-prone urban areas, and instead require nationwide use of ethanol. (DJ) March 26: Vladimir Putin is elected president of Russia on the first ballot, winning 53 percent of the popular vote. Putin took office as acting president in December 1999 after the resignation of Boris Yeltsin. (DJ) March 28: After two days of meetings, OPEC oil ministers agree on an increase in oil production of by its members, excluding Iran and Iraq. Iraq has not been subject to OPEC production agreements while under U.N. Security Council sanctions. Iran, though not formally signing on to the agreement, stated its intention to raise its production in order to avoid loss of its market share. This would represent about a increase in OPEC production targets, if Iran was included. Several major non-OPEC producers, including Mexico and Norway, also have indicated an intention to raise production. (DJ) April 12: Several Chief Executive Officers (CEOs) of major United States oil companies meet with senior Saudi Arabian officials to discuss possible investments in natural gas and petrochemical projects. The firms represented at the meetings include Chevron, Conoco, ExxonMobil, Marathon Oil, Phillips Petroleum, and Texaco. The Saudi government announces, in conjunction with the meetings, a package of legal changes that will make Saudi Arabia more open to foreign investors. Complete foreign ownership will be allowed for some types of projects, and the maximum corporate tax rate for foreign enterprises will be reduced to 15 percent. (WP) April 14: BP Amoco receives approval from the Federal Trade Commission (FTC) for its $28 billion takeover of Atlantic Richfield Corporation (ARCO). As part of the approval, ARCO has agreed to sell its crude oil production operations in Alaska to Phillips Petroleum in a deal valued at $6.5 billion. (WP, WSJ) *May 16: Several sources, including the Washington Post, report a major oil find at the Kashagan field offshore from Kazakhstan, with reserves reportedly greater than . If these early reserve estimates prove correct, the additional production volumes could boost chances for construction of the proposed Baku-Tbilisi-Ceyhan pipeline. (WP, DJ) May 17: The Environmental Protection Agency (EPA) formally proposes a rule which, if finalized, would reduce allowable sulfur levels in diesel fuel by 97 percent over the next five years. The move is opposed by major refiners.