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To: Zeev Hed who wrote (9352)	12/15/1998 9:08:00 AM
From: DRRISK	Read Replies (3) \| Respond to of 11888

Zeev, I have said I am an admirer of GF as a man with extraordinary courage and real vision. He as you point out has lousy financial connections but great connections and instincts when it comes to finding distressed oil to develop. I have no criticism of these accomplishments. My issue is that he has a credibility problem going forward and with the emergence of CSFB as an ally in KAZ we need a savvy and connected CEO who is untainted from the years of CD's as a financing vehicle. This is just a business perspective and an investor perspective. I am not emotional about it. If he stepped down it would mean $2.00 to the stock. He is aware of this I believe and has hired well for Kaz and the Refinery. Now he needs to put the "penny/schlock/CD" perspective behind us and dive on his sword for the good of the shareholder of which he is one. The floorless is close to over I would not be surprised to see another big cross of a million shares to declare it officially done. Good Luck, Good price now. DrRisk

To: Zeev Hed who wrote (9352)	12/17/1998 9:14:00 PM
From: DEER HUNTER	Read Replies (1) \| Respond to of 11888

OFF TOPIC.....here is one reason at least that Russia has condemned the U.S. for targeting Iraq now.... Thursday December 17, 11:03 am Eastern Time Russian energy sector dismayed by strikes on Iraq By Sebastian Alison MOSCOW, Dec 17 (Reuters) - Russia's vital energy sector reacted with dismay on Thursday to the U.S-British missile strikes on Iraq, seen as delaying opportunities to develop energy projects and recoup some of Russia's massive debt. ''The official position of LUKoil is that we support unconditionally the statement of the Ministry of Foreign Affairs of Russia in which the administration of the United States is criticised,'' spokesman Dmitry Dolgov said. ''Right now LUKoil has a big project which we can develop after the lifting of sanctions, the West Qurna field,'' he said. ''This latest aggravation sets this back, so of course we don't welcome it.'' LUKoil is Russia's largest oil company and leads a consortium to develop West Qurna. With Russian companies Zarubezhneft and Mashinoimport, it signed a $3.5 billion deal in March 1997 to work the field when sanctions are lifted. It is also the largest Russian company with interests in Iraq, Dolgov said. He said LUKoil took no comfort from what he described as a short-term increase in oil prices attributed to the overnight missile strikes. A spokesman for the ministry of fuel and energy said it shared the position of the foreign ministry, which has roundly condemned the attacks. He added that the ministry's main involvement in Iraq was through the active participation of Russian oil companies in the United Nations-approved oil-for-food programme, under which Iraq exports crude to pay for essential humanitarian goods. The programme for November showed Russian companies were scheduled to lift 14.95 million barrels, around a third of the total 46.306 million barrels in the programme. Prime Minister Yevgeny Primakov, a former foreign minister and a noted friend and former resident of Iraq, described the strike as outrageous on Thursday. Russia stands to lose more than most from Iraq's pariah status and the continuation of sanctions. Before the Gulf War of 1991, Russia had supplied Baghdad with military goods worth up to $8 billion. This was repaid with oil, mostly delivered to third countries such as India which in turn supplied Russia with goods. Its only chance of seeing this debt repaid now is if sanctions are lifted, Iraqi oil sold freely on world markets and Russian firms allowed to enter the Iraqi oil sector and export the country's crude themselves. In an interview with Russian NTV television earlier this year while he was still foreign minister, Primakov said his desire to resume ties with Iraq went beyond economic interests. ''It is our multilateral and multifaceted interest. It is not entirely our economic interest, although there is an economic factor - Iraq owes us and we want to be paid our debt, and we are confident that we will be paid it, provided the sanctions are lifted,'' he said. Central bank chief Viktor Gerashchenko was quoted by RIA news agency as saying on Thursday the impact of the strikes on oil prices would increase the proceeds of Russian exporters. Russia is heavily dependent on exports of oil and gas, which together accounted for 48 percent of the country's hard currency export earnings last year.