Word: lukoil
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Dates: during 2000-2009
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Putin insists the Khodorkovsky case is about rooting out corporate corruption and doesn't herald any shift in the Kremlin's pro-business stance, a view he reinforced at a meeting last week with Western bankers. (Putin was on hand at the opening of the Russian-owned Lukoil's first U.S. gas station, in September, in Manhattan.) For the moment, big foreign players are giving him the benefit of the doubt. "We haven't changed our long-term perspective," says Peter Elam Hakansson, who manages a $250 million Russian-stock fund out of Stockholm for East Capital. "It's still...
...Before oil production rights could be sold there is a further legal hurdle to be overcome. Both France's TotalFinaElf and Russia's Lukoil negotiated multibillion- dollar contracts with Iraq to explore and produce oil as soon as sanctions were lifted. Lukoil has already threatened to impound tankers carrying Iraqi oil if their contracts are not honored. Clearly, it would not be in the best interest of the Iraqi people to restrict any firm from future auctions. So, both of these firms, despite American desires to punish them should be allowed to participate in future contract bidding. By extension...
...recent years, the winners in Iraq have been foreign companies that don't abide by U.S. sanctions. Saddam has provided contracts worth $38 billion to firms such as Royal Dutch/Shell, Italy's Eni, Russia's Lukoil and France's TotalFinaElf. But those contracts could be worthless once Saddam is gone...
Back in 1997, the Russian companies Lukoil, NK Zarubezhneft and Machinoimport signed a 23-year, $3.5-billion contract guaranteeing them access to the colossal West Qurna oil field—which may hold up to 15 billion barrels—once sanctions are lifted. Last week, the Iraqi newspaper Al-Zawra indicated that another Russian firm had solidified an arrangement to drill wells south of Basra...
...fields. Non-U.S. firms have over 30 deals with Iraq waiting to take effect when sanctions are lifted; France's TotalFinaElf, Spain's Repsol, and Italy's Eni all have Iraqi interests worth millions of dollars. But Russia is king: in the Qurna oil field alone, Russia's Lukoil holds a majority stake in at least 11 billion barrels. When President Vladimir Putin hardened his antiwar stance last week during British Prime Minister Tony Blair's visit, some analysts believe he wanted Russia's contracts protected in return for support on any U.N. action. "But is it actually within...