Word: petroleum
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Dates: during 2000-2009
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...government was finally conceding that the rebels' demands - increased development and the environmental repair of the delta - were justified. "The militants are not asking for anything unusual or extraordinary," Defense Minister Godwin Abbe told TIME at his offices in the capital Abuja earlier this month. Just as significant, a petroleum industry bill was also introduced promising greater transparency in a notoriously opaque business - a sign the government was willing to crack down on the kind of corruption that has served Nigeria so badly, fueling unrest not only in the delta but the north of the country, as well. (See "Nigerian...
...rejected a proposal to ship its low-enriched uranium out of the country for further processing and is refusing to meet the main requirement of the international community—the long-overdue suspension of its enrichment of uranium. Since Iran imports up to 40 percent of its refined petroleum, curtailing its access to fuel might have a severe impact on the Iranian economy, forcing the regime to suspend its nuclear program and open the door to relief from sanctions. As President Obama has said, “If Iran does not take steps in the near future to live...
More than three quarters of the House of Representatives and the Senate have already cosponsored the Iran Refined Petroleum Sanctions Act, which the House will vote on next week. This bill seeks to leverage private market forces by making companies choose between doing business with the United States or with Iran. In October, the House overwhelmingly passed the Iran Sanctions Enabling Act by a vote of 414-6 (one of the bill’s original co-sponsors was Harvard alum and Massachusetts Representative Barney Frank). This bill authorizes state and local governments to divest from companies investing in Iran?...
...stage and dropped their bids into a sealed box, in a ceremony broadcast live on Iraqi television. It was meant to be grand theater, but proved a p.r. failure for Baghdad. Just one bid succeeded: it was submitted by a partnership between Britain's BP and China National Petroleum Corp. (CNPC) for production rights to southern Iraq's giant Rumaila field. Other companies abandoned the process after Iraqi officials refused to pay more than $2 for each barrel produced above a certain threshold. (Instead of leasing the fields to operators and receiving royalties for every barrel of oil sold, Iraq...
...barrel offer. In mid-November, Italian oil executives from ENI flew to Baghdad to sign a deal on Zubair, a southern Iraq field with about 4.1 billion barrels of reserves. ENI plans to pump about 1.1 million barrels a day from Zubair in partnership with California-based Occidental Petroleum and South Korea's Kogas. ENI was quickly followed by ExxonMobil and Royal Dutch Shell, which agreed to produce about 2.3 million barrels a day in another giant field called West Qurna. Combined with BP-CNPC's anticipated output from Rumaila, "those three fields alone would be about 6% of total...