Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Texaco (TX) -- Ignore unavailable to you. Want to Upgrade?

To: Jordan Electron who wrote (111)	7/14/1999 12:47:00 AM
From: Nick	Respond to of 143

UN Awards $2.8 Billion to Oil Cos. By The Associated Press The United Nations has awarded nearly $2.8 billion to several oil companies, including more than $500 million to a subsidiary of Texaco Inc. (NYSE:TX - news), for damage sustained in Middle East oil fields when Iraq invaded Kuwait in 1990. ''If you remember those oil fires burning away on TV, that's what happened to us,'' Texaco spokeswoman Kelly McAndrew said Tuesday after the decision was publicized. ''The equipment, the facilities were destroyed.'' The money comes from an account funded by 30 percent of Iraqi oil sale revenue, which is retained by the U.N. Compensation Commission under an agreement with Iraq. The commission rules on claims made by companies and individuals. The commission gave the biggest share by far, $2.2 billion, to the Kuwait Oil Co., which had earlier received about $600 million for extinguishing oil well fires. The Texaco subsidiary, Saudi Arabian Texaco Inc., gets $506 million plus unspecified interest. But the company said 85 percent will go to income taxes in Saudi Arabia. Texaco said its subsidiary operates on behalf of Saudi Arabia in the Partitioned Neutral Zone, which includes parts of southern Kuwait and northern Saudi Arabia. The resources in the neutral zone are shared equally between the two countries and operations are conducted through a joint operations group staffed and funded by the Texaco subsidiary and the Kuwait Oil Co. Several other American and British companies were awarded compensation as well in the June 25 decision, but in much smaller amounts. Halliburton Co. (NYSE:HAL - news), of Dallas, was granted $18 million; National-Oilwell, of Houston, got $1 million; Cape East Ltd., of Britain, got $671,000; Wood Group Engineering Ltd., of Britain, was awarded $591,000. --------------------------------------------------------------------------------