Word: bp
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...last week that Iran has probably stockpiled at least three months' worth of gasoline. The National Iranian Oil Refining and Distribution Co. estimates that the country has some 15.7 million bbl. of gasoline - about four months' worth - stockpiled in tankers on land and off its Persian Gulf coast. After BP and Reliance halted exports to Iran, Chinese state-owned oil companies filled the gap, supplying about one-third of Iran's gasoline imports as of last month, according to the Financial Times. Lawrence Eagles, head of commodities research at JPMorgan, told the paper last week that Iran was importing...
...Scottish Justice Minister Kenny MacAskill insisted he alone freed al-Megrahi, but suspicions are likely to linger--especially given the West's careful wooing of Gaddafi since international sanctions ended in 2004. Within hours of a visit to Libya by then Prime Minister Tony Blair in 2007, Britain's BP inked a $900 million oil-and-gas-exploration deal. More recently, in July, Prime Minister Gordon Brown met Gaddafi during the G-8 summit in Italy. And a week before al-Megrahi's release, John McCain led a group of fellow Senators in trade talks with Gaddafi, tweeting...
...Libya sits atop massive energy reserves, much of which have languished through decades of sanctions. The British oil company BP last year estimated Libya's proven reserves at about 41.5 billion barrels of high-grade oil, and about 1.49 trillion cubic meters of natural gas, which makes it the 10th biggest oil and gas reserves in the world. (Watch a TIME video...
...Relations with London have also warmed. In 2007, former British Prime Minister Tony Blair held talks with Gaddafi in the Libyan leader's tent in Tripoli. Soon after, BP officials signed a $900-million exploration deal with Libya's state-run National Oil Company; BP believes the deal could ultimately earn it about $15 billion in oil revenues. But Blair has denied that there was ever a link between the deal and the release, telling CNN on Saturday that he didn't have the power to arrange Megrahi's release. "I wasn't in a position...
...bedevil the Kremlin. The country is, after all, falling apart. The price of oil is down sharply from its high of $147 a barrel in July 2008. The markets have been badly shaken by Putin's attack on steel giant Mechel, the breakup of the oil conglomerate TNK-BP (during which the Russians none-so-subtly squeezed out their British partners), and last summer's war with Georgia. And then, of course, there's the global financial crisis, which has hit Russia particularly hard. On top of all the economic woes, there's a shrinking population, a military that remains...