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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Wowzer who wrote (64030)	4/7/2000 9:54:00 AM
From: jim_p	Respond to of 95453

Looks like HAL is getting a little run from their Russian contract. Russian loan guarantees approved 2 U.S. energy firms will benefit By PHILIP CAUTHON Copyright 2000 Houston Chronicle Washington Bureau WASHINGTON -- The U.S. Export-Import Bank agreed Thursday to provide nearly $500 million in loan guarantees that will enable two energy companies to sell equipment and services to a Russian oil company. The U.S. assistance will allow Tyumen Oil Co. -- Russia's largest oil company -- to rehabilitate an oil field in western Siberia and upgrade a refinery near Moscow. "It is really significant for our company and for Russia to obtain these loans," said Tyumen CEO Simon Kukes. "Our goal is to become a world-class company and to do that we will need to cooperate with the West." The loan guarantees that will permit Tyumen to complete deals with Dallas-based Halliburton Energy Services and New Jersey's ABB Lummus Global comes just days after the State Department lifted its objections to the loans. Ex-Im Bank President James Harmon expressed hope that the loan guarantees would mark a turning point both in the Russian economy and in economic relations between the two countries. "This is a unique opportunity for Russia and the new president to make the right start after some difficult years of transition," said Harmon, referring to the recent election of Vladimir Putin -- who has pledged to bring order to the country and create a favorable environment for foreign investment. "Russia has a real second crack now at attracting capital," Harmon added. Secretary of State Madeline Albright reversed position on the loan guarantees last Friday, noting that circumstances in Russia have changed since she first raised objections Dec. 21. State Department spokesman James Foley dismissed as coincidence the fact that Albright's recent reversal came only days after Putin was elected. Taken together, the two loan guarantees to Tyumen are the largest U.S. loans to Russia since the August 1998 financial crisis. Halliburton Co. will use the $292 million guarantee to help Tyumen modernize its portion of the Samotlor oil reserve. The contract will make Halliburton the leading provider of petroleum services in Russia. Jim