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...with a $2 billion bid, the U.S. firm ConocoPhillips had just won an auction for the Russian government's 7.6% stake in the firm. The two companies promptly announced a strategic alliance to develop oil reserves in the Russian Arctic and potentially work together in Iraq. For Jim Mulva, Conoco's president and chief executive, the deal amounted to a coup, giving Conoco access to 8 billion bbl. of proven oil reserves at a relatively modest cost. Lukoil was delighted, too, because it is counting on the Americans to help it extract and market the oil more efficiently...

Author: /time Magazine | Title: Power Play | 11/28/2004 | See Source »

...before a shareholder vote called to decide whether to file for bankruptcy protection; a principal reason Yukos hasn't already done so is that a majority of the board believes it would be impossible to find a Russian court willing to approve the petition. Indeed, the day before Conoco signed the Lukoil deal, the Moscow court where Khodorkovsky is on trial refused to allow former German Justice Minister Sabine Leutheusser-Schnarrenberger, who's serving as an official European human-rights representative, to speak with him. The Yukos case "has set the Russian judicial system back a decade," says Sarah Carey...

Author: /time Magazine | Title: Power Play | 11/28/2004 | See Source »

...companies are piling in. In addition to the Conoco deal, Britain's BP is investing a whopping $7 billion in a joint venture that controls huge fields in western Siberia, and in September, France's Total agreed to pay $1 billion for a 25% stake in Novatek, Russia's largest private gas producer. Many other companies, including ChevronTexaco, PetroCanada and Norway's Statoil, are trying to get a foothold. All three recently signed preliminary agreements to work with state-controlled Gazprom, an oil-and-gas behemoth in which German power company E.On holds a 6% stake. And there is widespread...

Author: /time Magazine | Title: Power Play | 11/28/2004 | See Source »

...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...

Author: /time Magazine | Title: Russia: Power Play | 11/22/2004 | See Source »

...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...

Author: /time Magazine | Title: Libya's New Face | 11/22/2004 | See Source »

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