Tags

, , , , , , ,

The business of doing business in Gadhafi’s oil kingdom – The Globe and Mail.

This sort of arrangement bore fruit for the boys from Calgary, turning Libya into one of Petro-Canada’s most important non-Canadian bases of operation. But to get it, they had to pay the Libyan government – and thus, rather directly, the Gadhafi family – a startling sum.

According to U.S. State Department reports obtained from the so-called Cablegate leaks, Petro-Canada paid the Libyan autocrats a $1-billion “signing bonus” straight off the bat, then invested $3.5-billion in the redevelopment of many of Libya’s existing oil fields. In exchange, the Canadians got a 12-per-cent share of oil revenues produced from their slice of the field, for 30 years. As the U.S. ambassador to Tripoli wrote in a 2008 cable, Petro-Canada “swallowed hard and signed up.” (etc.)

http://www.theglobeandmail.com/news/opinions/opinion/the-business-of-doing-business-in-gadhafis-oil-kingdom/article1921542/

***

My Note –

You just have to read this one – there are no words for it.

– cricketdiane

***