BALI, Indonesia (Oct. 7)—With their nation's prime ministers in attendance, cabinet officers from Thailand, Indonesia and Malaysia signed the final agreement creating the International Rubber Co. Ltd., the corporation designed to run an international cartel controlling more than 70 percent of the world's natural rubber production. Operations are set to begin early in 2004, more than two years after the three nations signed the original agreement to form a cartel. Sang Udomjarumani, a director of Thai Rubber Latex Crop Corp. PCL, is the likely nominee as CEO of Irco, according to Dow Jones News Service. Ironically, this mechanism designed to prop up world NR prices is going into effect as prices reach their highest point in years, with both Rubber Smoked Sheet 3 and Technically Specified Rubber 20 hitting approximately 54 cents per pound at the ports of origin.
NR-growing nations sign final rubber cartel pact in Bali
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