Iraq's ambassador to the U.S. wants the Obama administration to pressure Exxon Mobil (XOM) to...


Iraq's ambassador to the U.S. wants the Obama administration to pressure Exxon Mobil (XOM) to slow down dealings with Kurdistan to avoid worsening disputes between Iraq and the semi-autonomous province. XOM reportedly wants to exit the West Qurna-1 oilfield project in southern Iraq, and other oil companies from Russia and elsewhere may lack the know-how to maximize production.

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Comments (8)
  • asnaser
    , contributor
    Comments (2) | Send Message
     
    go ExxonMobile, the only language the Iraqi government understands is pressure.
    22 Oct 2012, 05:09 PM Reply Like
  • jbassbia
    , contributor
    Comments (394) | Send Message
     
    A European government official once asked George Bush why he didn't just tell Exxon to do something. He replied " No one tells those guys what to do ".
    22 Oct 2012, 06:36 PM Reply Like
  • Larry Smith
    , contributor
    Comments (3181) | Send Message
     
    If Iraq want Exxon's expertise pay them more than nickels on the barrel We want your skills and talents, but will pay you notjing doesn't work. XOM is doing the right thing.
    22 Oct 2012, 07:47 PM Reply Like
  • bigbenorr
    , contributor
    Comments (1174) | Send Message
     
    Damn right! Those worms couldn't drill their way out of a paper bag!!
    23 Oct 2012, 12:59 AM Reply Like
  • HCSader73
    , contributor
    Comments (2) | Send Message
     
    XOM's Kuristan operations are a prudent hedge against Iraqi political risks. Its most challenging balancing act, however, is to molify the Turks that it is not contributing to the economic viability of a separate Kurdish state.
    23 Oct 2012, 02:10 AM Reply Like
  • Maninder Batra
    , contributor
    Comments (564) | Send Message
     
    West Qurna-1 fields are conventional fields.Russians have been operating on conventional and deep oil fields for several years.Seeking alpha should stop spouting nonsense like as if russians cannot maximise production considering the Russians are the biggest/second biggest producer of oil.
    23 Oct 2012, 03:37 AM Reply Like
  • dewilso1
    , contributor
    Comments (3) | Send Message
     
    ExxonMobil has a history of not dealing in countries that are corrupt. I think it has contributed to their success. It's important to deal with any country or business partner on a level playing field, but the rules need to be equal for everyone involved. Preferential treatment distorts the marketplace and does not serve the general pubic. We are here to serve not to take.

     

    ExxonMobil doesn't tolerate corruption within their own organization, and employees have been terminated for even minor violations of policy, such as getting a cash advance on the AMEX card for personal needs, even if the money was paid back before the AMEX bill was due.

     

    They have the same mentality on dealing with safety issues. They promote an environment whereby any employee, or any contractor employee, is expected to stop the job if safety issues are a concern to that individual. In short, they expect that "If you see something, say something."

     

    Some investors may say that I'm just "drinking the coolade", but I've been there and seen that. Yes, accidents have happened, but the followup investigations have revealed deviations from internal policies, and changes have been made. Unfortunately, some of those changes have involved the termination of valued employees. But, without rules and consequences for violating them, you have no effective management control.
    23 Oct 2012, 04:26 AM Reply Like
  • Maninder Batra
    , contributor
    Comments (564) | Send Message
     
    @dewilso,I am strongly doubtful about your assertions..
    Foreign business practices

     

    Investigative reporting by Forbes Magazine raised questions about ExxonMobil's dealings with the leaders of oil-rich nations. ExxonMobil controls concessions covering 11 million acres (45,000 km2) off the coast of Angola that hold an estimated 7.5 billion barrels (1.19×109 m3) of crude.[90]

     

    In 2003, the Office of Foreign Assets Control reported that ExxonMobil engaged in illegal trade with Sudan and it, along with dozens of other companies, settled with the United States government for $50,000.[91]

     

    In March 2003, James Giffen of the Mercator Corporation was indicted, accused of bribing President Nursultan Nazarbayev of Kazakhstan with $78 million to help ExxonMobil win a 25 percent share of the Tengiz oilfield, the third largest in the world. On April 2, 2003, former-Mobil executive J. Bryan Williams was indicted on tax charges relating to this same transaction. The case is the largest under the Foreign Corrupt Practices Act.[92] This series of events is depicted in the film Syriana.

     

    In a U.S. Department of Justice release dated September 18, 2003, the United States Attorney for the Southern District of New York announced that J. Bryan Williams, a former senior executive of Mobil Oil Corporation, had been sentenced to three years and ten months in prison on charges of evading income taxes on more than $7 million in unreported income, "including a $2 million kickback he received in connection with Mobil's oil business in Kazakhstan." According to documents filed with the court, Williams' unreported income included millions of dollars in kickbacks from governments, persons, and other entities with whom Williams conducted business while employed by Mobil. In addition to his sentence, Williams must pay a fine of $25,000 and more than $3.5 million in restitution to the IRS, in addition to penalties and interest.[93]
    Human rights
    Main article: Accusations of ExxonMobil human rights violations in Indonesia
    23 Oct 2012, 04:47 AM Reply Like
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