Word: conoco
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...broach relations with America," because only he has enough political power internally. In his two consecutive terms as Iranian President, from 1989 to 1997, Rafsanjani negotiated the release of U.S. hostages in Lebanon and brokered a one-billion-dollar oil deal, which later derailed, with U.S. firm Conoco. If he does win next month, those negotiating skills will come in handy...
...last big wave of corporate mergers. These days the prospect that he wryly foresaw seems considerably less farfetched. In recent months such household names as ABC, TWA and Nabisco have agreed to sell out to other firms and cease to be independent enterprises. They will follow Bendix, Gulf Oil, Conoco and other giants that have already surrendered their separate identities. Since 1980, no fewer than 62 members of the FORTUNE 500 list of industrial behemoths have been swallowed by other companies...
...hundreds of miles down the coast at the Essider Marine Terminal, from which oil is shipped by the government-owned Waha Oil Co. The company took over the operation from U.S. companies in 1986, when sanctions drove out the Oasis Group, a combination of Amerada Hess, Marathon Oil and Conoco. But a handful of American citizens are still at work in the facility and have been throughout the decades of sanctions, in violation of U.S. laws. "Basically, we never left," says Conrad B. Cazalas, 58, an electrician from Corpus Christi, Texas, sitting in Essider's dining hall in blue jeans...
...1990s, the pendulum has swung the other way. That doesn't mean the central government wants to nationalize all energy assets, but it has put an end to generous tax breaks and has introduced other limitations on the private sector, particularly foreign companies. Under the terms of the Conoco deal, for example, the American company can raise its stake in Lukoil - but only to a ceiling of 20%, less than the 25% it needs to be able to block strategic company decisions. BP, by contrast, whose contract was signed eight months before Khodorkovsky's arrest, has a 50% share...
...accounting for 20% of total production. At a presentation at a Lehman Bros. energy conference a month before Khodorkovsky was arrested, Yukos boasted that its oil production was growing 20% a year while operating costs were less than half those of the biggest U.S. firms, including ExxonMobil, Chevron and Conoco. With Yukos mired in political trouble, its production gains have ceased. But its five-year run has borne fruit: since 1998, Russian oil production has risen back to more than 9 million bbl. per day, and according to independent estimates, Yukos is single-handedly responsible for more than a third...