in Khuzestan province. The discovery is the largest new find in Iran in the last three decades. Zanganeh expects the field to produce between 300,000 and of crude oil three to four years after development begins next year. (DJ) September 30: Japan suffers a serious nuclear accident at a uranium processing plant in Tokaimura, in which radiation is released after an apparent uncontrolled nuclear chain reaction. Three workers at the plant, operated by JCO, Inc., are injured. Japanese authorities issue a warning instructing 310,000 people in neighboring communities to stay indoors. (DJ, WSJ) October 4: The United Nations Security Council agrees to raise the monetary ceiling on Iraqi oil sales to $8.3 billion from $5.26 billion, guaranteeing the continuation of Iraqi production until the November 20 end date for the current six-month extension of the "oil-for-food" program. The move is a one time adjustment, and does not bind the Security Council to continue a higher ceiling if the program is renewed for another six-month term. The increase reflects the difference between previous monetary ceilings and actual Iraqi sales during previous phases of the program. (DJ) November 18: The heads of state of Turkey, Azerbaijan, and Georgia sign an agreement to build the Baku-Tbilisi-Ceyhan pipeline for the export of crude oil from the Caspian Basin. The pipeline will begin at the Azerbaijani capital, Baku, and run through Georgia and Turkey to the Turkish port of Ceyhan. The project is expected to cost $2.4 billion, and the government of Turkey has offered guarantees that the cost of the Turkish segment of the pipeline will not exceed $1.4 billion. The signing ceremony took place during a visit to Istanbul by U.S. President Clinton for a summit of the Organization for Cooperation and Security in Europe (OSCE). (WP, NYT) November 30: The Federal Trade Commission (FTC) grants approval for the proposed merger between oil giants Exxon and Mobil. The $80 billion merger was approved by the FTC after the firms agreed to the largest divestiture of assets ever involved in a merger. The companies will sell over 2,400 retail outlets, mostly in the Northeast, Texas, and California, and a refinery in California. (DJ) December 10: The California Air Resources Board approves a regulatory change that will halve the amount of sulfur allowed in gasoline sold in California from 30 parts per million to 15 parts per million, starting in 2003. The California limit would