Word: chevron
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...make long-term agreements with foreign companies to run the operations. But Oil Minister Hussein Shahristani demanded that oil companies lower their profit expectations, offering to pay them $2 for every barrel pumped in Iraq rather than the $4-a-barrel rate sought by oil executives. Chevron, which had negotiated for a year to develop Iraq's second-biggest field, West Qurna, pulled out of the deal on Tuesday, saying it had not met the company's "standard investment criteria." French giant Total and Spain's Repsol also withdrew after failing to secure a better deal from the Iraqis, leaving...
...copper, angering indigenous groups and environmentalists. Communists rail against his introduction of testing of public-school teachers. "Correa isn't stupid," says analyst Margarita Andrade at Analytica Investments in Quito. "At the end of the day, he has been pragmatic." (Read about a lawsuit by Ecuadorians against oil giant Chevron...
TIME Warner (TWX) may not be planning to buy CBS (CBS), although it would make some sense. If a deal like that was on TIME Warner's mind, CBS has gotten 29% more expensive in the last five days. If Exxon Mobil (XOM) wants to buy Chevron (CVX), the price is up 9% in five days...
...company ended in diplomatic disaster, when the China National Offshore Oil Corp. or CNOOC offered to buy the California oil company Unocal in 2005, in a deal worth about $18.5 billion, and a backlash in Congress prompted the angry Chinese to withdraw the offer. Unocal was finally sold to Chevron. More recent Chinese investments in the U.S. have also fared badly: Beijing has lost billions in recent months from investments in Morgan Stanley and the Blackstone Group, and Chinese officials who approved those investments have now come under fire in Beijing. "People are saying, 'Why did you invest in that...
...firms don't exactly need Sarkozy's invitation to get to know Iraqi officials. Earlier this year, France's Total and the Anglo-Dutch firm Royal Dutch Shell began talks with Iraqi authorities about developing five new oil fields in the north and south of the country. (U.S. rivals Chevron and ExxonMobil are also after that business.) European chemical, engineering and construction companies and arms producers would also like to re-establish ties that were severed by the international embargo of Iraq before the war. British and Italian firms, meanwhile, long to kick-start contracts they had from...