Word: totalfinaelf
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...that, as well as closing the loopholes, far more effort must be put into implementing and monitoring the new anticorruption laws. Elf itself is no longer the cozy handmaiden of the French state it once was; it has been privatized by the French government and is now part of TotalFinaElf, the result of mergers among France's Total and Elf and Petrofina of Belgium. The firm is trying to keep a low profile while the trial continues, and senior management isn't commenting. Still, it's a sign of the times that the corporation recently put in place audit controls...
...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...
...divergent interests becoming entrenched early in a new Iraq. While the State Department is on record calling for debt forgiveness to the new government, for instance, Russia will surely want some of the $8 billion owed to it by the deposed regime. Meanwhile, France will want contracts for TotalFinaElf, the giant oil company that formerly possessed rights to many of Iraq’s oil fields. This is not to say that United States is devoid of such interests—though as a country that invested its resources in bringing down the Hussein regime, it may possess more...
...contractors would thrive during wartime. But Britain's BAE, maker of military jets and submarines and a part-owner of Airbus, is caught in a war of its own. It wants to partner with an American firm, possibly Boeing, but that could conflict with its joint ventures in Europe. TOTALFINAELF: With the majority of Iraqi oil wells secured by U.S. and British troops, all oil firms are feeling the pinch of prices that have fallen 30% from February's highs. But France's Total has deals to exploit huge oil fields in Iraq, negotiated under Saddam Hussein but never implemented...
...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...