Word: conoco
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...this any way to strike a billion-dollar trade deal? For four years the Conoco company had been negotiating to develop two huge offshore oil fields in Iran, but the deal's managers kept only low-level State Department officials informed of the broad nature of the talks. As a result, just after Conoco and the Iranians reached their agreement this month--but before the Houston-based company had sought approval from senior U.S. officials or board members of DuPont, its corporate parent--the contract flared into a political and diplomatic incident as unwelcome to Conoco as a fire...
...Conoco may have been guilty of a little soft-pedaling of its own, hoping to slip a deal through first and worry about government approval later. When pressed by TIME to name which State Department members the company had consulted, Conoco officials refused to name them. According to two people in the room, Conoco president Constantine Nicandros told State Department officials at their meeting last week: "We always knew the Administration would be opposed to the deal. But everyone acknowledged that it would not violate...
Secretary of State Warren Christopher became the first senior official to attack the Conoco deal in public after Iran abruptly disclosed it on March 6. He immediately denounced any transaction that put money into "the evil hand of Iran," but recused himself from involvement as soon as he learned his former law firm took the case. No one was more put out by the Administration's sudden get-tough attitude than Conoco's Nicandros. Rushing to Washington on March 10, he found his $1 billion contract with Iran under attack from all sides. Not only was Christopher loudly opposing...
There was broad agreement in the Administration to kill the Conoco contract as an example to Russian Foreign Minister Andrei Kozyrev, whom the Secretary is to meet in Geneva this week. There, Christopher will urge Kozyrev to stop Russia from delivering two nuclear reactors to Iran, which the U.S. fears could be used to help develop nuclear weapons...
HASHEMI RAFSANJANI Iran scores $1 billion oil deal with Conoco; Clinton not amused...