Word: karachaganak
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Dates: during 2000-2009
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...like Russia's Yukos saga, this scenario is playing itself out in neighboring Kazakhstan between the government of authoritarian President Nursultan Nazarbayev and British energy giant BG Group. On July 19, citing the results of a March audit, Kazakhstan's financial police accused the company's local subsidiary, BG Karachaganak, of failing to pay $5.4 million in customs duties on liquid natural gas it produced between 2001 and 2003 and sold to buyers in Russia. BG says the charges are completely unfounded, and last week CEO Frank Chapman downplayed the allegations, calling them a "routine dispute." Still, the move...
Last Thursday, the New York Times wrote about a new oil field in Kazakhstan on the front of its world business section. After years of delays due to financial difficulties and corruption, Kazakhstan is making a serious bid with its Karachaganak oil field to break into the international market. With Iraq halting petroleum exports to protest Israel’s war against Arab terrorism and the rest of the Arab world urging the U.S. not to invade Iraq and end Hussein’s murderous regime, the conditions are good for a serious challenge to OPEC and the authoritarian governments...
...American attack. Although that advice may be true now, to ensure the long-term interests of the U.S. in the Middle East, Cheney should call up his oil-industry buddies and tell them to jump into the Russian oil market. For the road to Baghdad might just lead through Karachaganak...
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