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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (13570)	5/10/2004 4:56:56 AM
From: Elroy Jetson	Read Replies (1) \| Respond to of 110194

This has got to all become more public. Chevron was one of the original members of ARAMCO, the companies who discovered and developed the oilfields in Saudi Arabia. By the time I worked at Chevron, the Saudis had nationalized the ARAMCO member's holdings but the ARAMCO companies were given a $3.50 per barrel discount on posted prices for all oil lifted from Saud fields. I don't know if this discount remains in effect. Because the discount was responsible for something on the order of a billion dollars per year to Chevron, the company never publicly criticized the Saud family or their actions. Privately we all regarded the Sauds with total contempt. During one visit by the Saud Oil Minister, I was one of several hundred Chevron employees lined up in reception for the Saudi Prince in the lobby of the St Francis Hotel in San Francisco, where the Prince was staying. I was with the Land Department at the time. As the Prince slowly walked down the stairs the Senior Vice-President, we reported to and were standing next to, turned to us and with a big smile said in a low voice, "Well isn't he a conceited ass." We all felt a little less compromised. We all knew of many cases where the Sauds had abused our fellow employees stationed in Saudi Arabia. Chevron was far more effective in interceding in these situations than was the U.S. Department of State. But at the end of the day the "relationship" with the Sauds was worth a billion dollars a year.