Word: bahrain
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Dates: during 1990-1999
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...ventures in the oil industry have ever produced such a gusher of speculation. Early next month, engineers will drill a 14,000-ft. well near Jarim Reef off the island of Bahrain, a tiny Persian Gulf nation not far from the world's richest oil deposits. If the exploratory pipe hits crude, it will enrich a cast of investors that includes the Bass brothers of Texas, the Rupert family of South Africa, the Harvard University endowment fund and George W. Bush, the President's eldest son. If the well is dry, the episode will prompt shareholders to wonder why they...
...suburban Dallas company is surely one of the most mysterious and eccentric outfits ever to drill for oil. Harken consists of almost no assets besides an exclusive 35-year contract to explore for crude in Bahrain. When the country's rulers handed Harken that deal early last year, it puzzled oil experts around the world. Why would Bahrain stake so much of its financial future on an obscure, money-losing company with no refineries and no experience in offshore oil exploration? "It was a surprise," says Jay Gallagher, a senior analyst for Petroconsultants, one of the world's largest...
...deal ignited oil-patch speculation that Bahrain's rulers see the arrangement as a way to gain influence with the Bush Administration. The President's son, known informally as George Jr., is a Harken investor, director and consultant. No one has produced evidence that Bahrain has won any favors from the White House in return. Yet the financial connection has caused the Administration some discomfort, most notably last fall when reporters asked whether the young Bush's gulf investment had any influence on his father's decision to send troops there. Said Bush's son last October...
...tiny country, with a population of 500,000 and a land area only four times the size of Washington, D.C., is unabashed in its desire to foster a warm relationship with the U.S. Last week the President greeted Bahrain's emir, Sheik Isa bin Salman al-Khalifa, with a 21-gun salute at the White House in honor of his nation's role as the principal allied naval base during the gulf...
...sheik had plenty of companions in misery as shock waves from the B.C.C.I. shutdown rippled across the globe. Authorities seized more than 75% of the bank's $20 billion of assets in 69 countries. Customers from Bahrain to Beijing suddenly found themselves cut off from their funds. Political sniping broke out in Britain when members of the opposition Labour Party attacked regulators for hastily closing 25 branches of B.C.C.I. across the country. Panama pleaded with the Bank of England to return $18 million of government funds that ousted dictator Manuel Noriega had squirreled away in B.C.C.I. accounts in Britain...