Word: oiled
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Dates: during 1990-1999
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PARIS: Europeans, fed up with having trade policies vetted by Washington, are gearing up for a fight. With the support of the European Union, France threatened counter-measures Tuesday if the U.S. opts for sanctions against French oil giant Total, which plans to invest $2 billion in Iran...
...wash in Europe: "The French in particular totally reject the legitimacy and the legality of the D?Amato Act," says Sancton. "This is not simply Paris goading Washington or testing U.S. resolve. The French genuinely believe this legislation compromises their economic interests ? and with a really huge oil field at stake, they have the incentive to challenge...
Petrobras, the world's 17th largest oil company, produces natural gas and petrochemicals as well as fertilizers. It earned $639 million last year. It dominates the market in Brazil, supplying 52% of domestic petroleum requirements. For years, as a state-owned monopoly, it was inefficiently run. But in 1995, a constitutional change liberalized the exploration, production and development of oil. The government was subsequently allowed to sell off more than 30% of Petrobras' common shares. Result: since 1995 the price of Petrobras stock has more than trebled, powered by higher operating cash flows...
...future could be even brighter. Only 30% of Brazil's proven oil reserves are developed, and Petrobras has first call on much of the rest. The volume of those reserves is expected to grow substantially as the company explores the vast Amazon Basin and oil pools off the Atlantic coast. Petrobras has become a leader in drilling deepwater, offshore wells in the so-called Campos Basin off the coast of Rio de Janeiro. Now the company is looking into joint ventures with 56 potential foreign partners, including Exxon, Shell and British Gas, which would allow expanded exploration around the country...
...irony and magic of Einhorn were that countless establishmentarians were his friends too. Ira had a "brilliant network," says George Keegan, a Sun Oil Co. executive who later formed a touchy-feely neighborhood-development group with Einhorn. "He knew enough corporate people to get our projects funded simply by strolling into people's offices and asking for the money...