To: NickSE who wrote (70162 ) 1/30/2003 12:47:24 AM From: NickSE Read Replies (1) | Respond to It's Not "All About Oil," But... businessweek.com Iraq is believed to have contracts worth about $38 billion pending with such companies as Italy's ENI, Royal Dutch/Shell, Australia's BHP (BHP ), TotalFinaElf, and Russian giant Lukoil. Sanctions have precluded American companies from doing business in Iraq, and foreign concerns are likely to continue to exploit their long-standing links. Yet the sanctions have also stalled efforts by non-U.S. companies to complete their deals and start development.EXACTING REVENGE? France is by far the biggest player. The giant TotalFinaElf now has development rights to roughly 25% of total Iraqi reserves. In theory, the country's long relationship with Iraq's oil technocrats could put French outfits in good shape for more deals after any war. But at the moment, many French industry officials remain convinced that the Americans will exact revenge if France fails to fully support the war effort. While Russian contracts may be honored, "ours won't be," predicts a top executive of TotalFinaElf. That's why some French observers insist that when push comes to shove in the U.N., France will march in step -- mainly to protect its oil stakes. Lukoil President Vagit Alekperov claims to have Kremlin assurances that his interests will be protected in a post-Saddam regime. That has many industry observers convinced that an informal accord with Washington is in place, one that would restore Lukoil's stake in Iraq. ...
