Word: oil
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According to local lore, Portuguese travelers as far back as the late 19th century suspected that oil might lie beneath parts of East Africa after noticing a thick, greasy sediment wash up on the shores of Mozambique. More interested in finding cheap labor, though, the explorers had little use for oil...
...century later, it turns out that the Portuguese were right. Seismic tests over the past 50 years have shown that countries up the coast of East Africa have natural gas in abundance. Early data compiled by industry consultants also suggest the presence of massive offshore oil deposits. Those finds have spurred oil explorers to start dropping more wells in East Africa, a region they say is an oil and gas bonanza just waiting to be tapped, one of the last great frontiers in the hunt for hydrocarbons. "I and a lot of other people in oil companies working in East...
When the state-friendly Russian oil company Surgutneftegas held its annual shareholders meeting in the Siberian city of Surgut two years ago, the proceedings in the shabby auditorium started off as tightly scripted as a Politburo meeting. That is, until the moderator called for questions and Alexei Navalny took the stage. In front of some 300 stunned shareholders, Navalny, who owned about $2,000 worth of stock in the company, grilled senior management for several minutes about the company's minuscule dividends and opaque ownership. When he finished, there was a brief silence and then an unexpected burst of applause...
...Navalny's targets have included the oil and gas giant Gazprom, which was previously chaired by Russian President Dmitri Medvedev, and the state-owned oil company Rosneft, whose chairman is Igor Sechin, a Deputy Prime Minister widely seen as Russia's most powerful official after his boss, Prime Minister Vladimir Putin. In 2008, Navalny filed a lawsuit to force Rosneft to reveal information about delivery contracts it had with an obscure Swiss oil trader called Gunvor, whose co-owner is an acquaintance of Putin's. A Moscow arbitration court rejected the suit, saying the company was not obligated by Russian...
...Navalny's most significant investigation to date was into the alleged embezzlement of $150 million by officials at a subsidiary of the state-owned bank VTB following the company's purchase of 30 Chinese oil rigs in 2007. His report electrified Russian Netizens when he published it on his blog in November. Authorities initially declined to open a criminal investigation into the deal, saying there were insufficient grounds to do so, but last month Moscow prosecutors sent the case back to the police for further review, which is ongoing. For Navalny, forcing his opponents into a dialogue is often victory...