Word: petroleum
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...London, the 297-year-old insurance exchange, has often accepted offbeat jobs. Its member underwriters have insured ships against sinking, actresses against breaking their legs, and at least one rock star (David Lee Roth of the Van Halen group) against paternity suits. The latest unusual client: the Organization of Petroleum Exporting Countries. OPEC has hired a Lloyd's subsidiary to help find out which countries in the 13-member cartel are exceeding their production quotas and thus depressing oil prices...
...Iraq war that has already cost thousands of lives. By repeatedly attacking Kharg, the Iraqis hope to reduce if not halt the oil exports that provide the revenues needed to bankroll Iran's war effort. A string of air attacks in September, including low-altitude buzz bombing, temporarily stopped petroleum output at the terminal. If Kharg is totally disabled, Iran has threatened to choke off traffic through the 20- to 30-mile-wide Strait of Hormuz. The U.S. has said it would interpret closure of the passage as a strategic threat...
Stanford’s move yielded no discernible impact on the four companies’ stock prices, all of which remained close to their historic peaks. Following Stanford’s announcement last week, PetroChina—a subsidiary of the China National Petroleum Company, which has poured billions of dollars into the development of central Sudanese oil fields—reached an all-time high on the New York Stock Exchange...
...PetroChina is a subsidiary of the China National Petroleum Corp., a state-owned behemoth that has poured billions of dollars into a joint oil production venture with Khartoum...
...CCSR did not weigh in on Harvard’s investments in other companies with ties to Khartoum. The University’s most recent filings with federal regulators indicated that Harvard owned more than $3 million of stock in China Petroleum and Chemical Corp., or “Sinopec,” which is constructing a pipeline connecting oil fields to the coastal town of Port Sudan. The filings also showed that Harvard owned more than $2 million in Tatneft, a Russian company that signed a 2001 deal to explore oil fields in central Sudan...