Qatar – the remotest of remote countries has been chosen as the place by many of the `power elite’. It played host to the WTO ministerial conference in 2001 and is now housing the American military’s new base in the Gulf region. Why so attractive? Well…
“In August, the U.S. Embassy in Doha published a rather positive analytical report describing Qatar’s newly promulgated foreign investment rules. Key points of the “2001 Investment Climate Statement for Qatar” follow:
Qatar has attracted more investment in the past five years than any time since independence in 1971. Partial privatization of state-owned corporations is underway. U.S. investment in Qatar is estimated unofficially in excess of $8 billion and is mainly in the oil and gas sectors. LNG will continue to be the most attractive sector for foreign investors. There are no restrictions on the import or export of capital.
The central bank adheres to conservative policies aimed at maintaining steady economic growth.
The Qatar National Bank reported on August 15 that Qatar topped the Gulf States in terms of gross domestic product growth for the year 2000. Oman was second and Kuwait was third. The nearly 35 percent (35%) increase came from higher oil prices, higher oil exports and increasing LNG exports, which reached 11 million metric tons.
“Qatar is one of the world's wealthiest countries. Its GDP per capita of US$23,369 in 2000 is likely to increase to US$123,000 by 2002 as revenue from LNG exports kick in. Qatar has estimated reserves of over 900 trillion cubic feet of LNG (equivalent to 240 billion barrels of oil). Qatar's recoverable oil reserves are modest (3.2 billion barrels or about 520 years at planned extraction rates).” (source)
Qatar doesn’t allow labor unions. (source)
Qatar is the home of Al-Jazeerah – the source of almost all Arab news for the West, which back in October the US Government asked to “restrain” its output which was felt to be “detrimental” to their campaign against terrorism.
“Everyone except nationals of other Gulf States needs a visa to enter Qatar. Embassies and large hotels within the country can sponsor visas. Israeli passport holders are not allowed in Qatar.” … “Visitors must have a national sponsor.” (source)
The Government does not allow “political demonstrations”.
So all in all, just the place you’d expect to find Ken Lay(!).
As with most US “business councils” it is nothing more than a little insider lobby group, comprised of far more US than Qatari interests.
“The U.S. - Qatar Business Council was established in 1996 with the goal of promoting commercial relations between the United States and the State of Qatar. It is a non-profit, private sector organization, which provides a forum for discussion of key economic, commercial and other issues of interest to American companies doing or planning to do business in Qatar. The Council also provides information and sponsors events and programs, which provide insight into Qatar and its international and business environment. In early 1997, the Council opened its office in Washington, where it conducts its major activities.
The Council believes that the expected rapid development of Qatar's unparalleled natural resources, coupled with the country's hospitable business climate, provide an exceptional opportunity for US businesses. The Council, as the only American organization focused on improving commercial relations with Qatar, plans to play a leading role in expansion of the bilateral relationship.” (source)
Given that its Board is made up of Exxon-Mobil, BP-Amaco, Phillips Petroleum, Occidental Petroleum & Chevron – and other members include JP Morgan, Northrop Gruman & Raytheon – it would be safe to say that oil & arms are the groups main concern.
“The liberalization of Qatar's economy over the past half dozen years has led to an impressive expansion of American trade and investment with the state. In recent years, the US has become Qatar's second largest supplier of goods and services. More significantly, production from Qatar's existing petroleum resources has been substantially boosted over the period by the participation of American companies, while development of the state's huge natural gas reserves has been spearheaded by American investors in joint venture arrangements with the Qatar authorities. The long-term nature of those projects and investments should provide a solid basis for US-Qatari economic relations well into the 21st century.”
American companies, with their great experience and technical expertise, can be expected to continue to play an important role in developing Qatar into a major world energy and petrochemical center.
The Government of Qatar has played an important role in promoting the growth of US-Qatari economic relations. Investment laws are liberal, provide for generous tax holidays and other incentives, and encourage the development of joint ventures. A modern infrastructure in the communications and other areas, as well as low customs duties and the absence of currency restrictions, make Qatar an attractive place to do business. Moreover, the county's young and progressive leadership has given it a growing role in Gulf regional affairs, while its solid strategic cooperation with the US provides it with an additional element of security.” (source)
It is a member of the larger “American Business Council of the Gulf Countries” (“Gulf Countries” being Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.)
When it was formed in 1996, its directors included:
Ron Billings, President, and General Manager of Mobil Oil Qatar Inc
Dr. Richard Stallard, Vice President, and Director of the Family Dental Clinic
Paul Fronterhouse, Secretary, and Vice President of ARCO Qatar Inc.
Colin Brown, Treasurer, and Partner at Arthur Andersen & Co.
And Oliver Zandona, Manager for Middle East Planning at Mobil Oil Qatar Inc “also played a key role in supporting the new organization”. (source)
Entries for the US-Qatar Journal stop on November 21st - & Ken Lay is still listed as a director representing Enron – so the information below may be somewhat out of date. That said, an understanding of who comprised this group in Summer 2001, a month or so before Qatar would actually take a presence on the world stage, is important.
Chairman & CEO, Occidental Petroleum Corporation
Dr. Ray R. Irani, age 67, is Chairman and Chief Executive Officer of Occidental Petroleum Corporation. He joined Occidental in 1983 as Chairman and Chief Executive Officer of Occidental Chemical Corporation, an Occidental subsidiary, and as Executive Vice President of Occidental. In 1984 he was elected to the Board of Directors of Occidental and was named President and Chief Operating Officer. He assumed the responsibilities of Chairman and Chief Executive Officer, in addition to President, in 1990. Dr. Irani was Chairman of the Board of Directors of Canadian Occidental Petroleum Ltd., an Occidental affiliate, from 1987 to 1999. An Honorary Fellow of the American Institute of Chemists, Dr. Irani is a director of the American Petroleum Institute, a director of Cedars Bank, a director of KB Home, and director of Lyondell Chemical Companies.
He is a member of the American Chemical Society, the American Institute of Chemists, Inc., the CEO Roundtable, The Conference Board, the Council on Foreign Relations, the U.S.-Saudi Arabian Business Council, the National Petroleum Council, the Scientific Research Society of America, the American Chemical Society, and the Industrial Research Institute. He is a trustee of the University of Southern California and is Chairman of USC's Academic Affairs Committee. He is also a Vice Chairman of the Board of the American University of Beirut, he is a member of the Board of Governors of Town Hall and the World Affairs Council.
“While Occidental's earnings per share dropped by 26% in 2001, the company could still afford to pay Irani's financial planning costs, country club dues and $2.6 million bonus.” (source)
Occidental Petroleum, the Colombian government & their plans to drill for oil in the sacred homeland of the U'wa people: http://www.moles.org/uwa/
Former Vice-Chairman & CEO, Exxon Mobil Corporation
Lucio A. Note is the recently retired Vice Chairman of ExxonMobil Corporation (retiring on January 31, 2001). Prior to the merger of Exxon and Mobil In 1999, he was Chairman of the Board and Chief Executive Officer of Mobil Corporation. Mr. Nato joined Mobil in Now York in 1962 and held a number of executive positions in Mobil's Italian, Japanese, Saudi Arabian and Corporate operations. In 1994, he was elected Chairman and Chief Exocutive Officer.
Mr. Noto is now a Managing Partner of Midstream Partners LLC, a private investment company specializing in energy related projects. He is also a director on the Board of International Business Machines Corporation, Philip Morris Companies Inc., and Roger Penske's United Auto Group. He is a member of the Council on Foreign Relations, the Trilateral Commission, The Singapore-U.S. Business Council and The Council for the United States and Italy.
Mr. Noto has a degree in Physics from the University of Notre Dame and a Masters in Business Administratiom from Cornell University.
Patrick Nikolas Theros was the former U.S. Ambassador to the State of Qatar, from October 19, 1995 to Nov 23, 1998. He presented his credentials to the Emir Sheikh Hamad bin Khalifah al-Thani on November 12, 1995, succeeding Ambassador Kenton Keith. Ambassador Theros previously served as Deputy Coordinator for Counterterrorism, responsible for the coordination of all U.S. Government counterterrorism activities outside the United States.
Ambassador Theros has held such positions as Political Advisor to the Commander in Chief, Central Command; Deputy Chief of Mission and Political officer in Amman; Charge d'affaires and Deputy Chief of Mission in Abu Dhabi; and Economic Counselor in Damascus. In a career spanning almost 34 years, he also has served in diplomatic positions in Beirut, Managua, Dharan and Abu Dhabi, as well as in the Department of State. During that period, he earned four Superior Honor Awards. In 1990, he was accorded the personal rank of Minister Counselor. In 1992 he received both the President's Meritorious Service Award for career officials and the Secretary of Defense Medal for Meritorious Civilian Service.
Ambassador Theros was born in 1941 in Ann Arbor, Michigan and attended public schools in Michigan, Ohio, and the District of Columbia. He graduated from Georgetown Univeristy's School of Foreign Service in 1963 and has done advanced study at the American University in Washington, DC, and the Universidad Centroamericana in Managua. He speaks Spanish, Arabic, and Greek.
Ambassador Theros is married to the former Aspasia Pahigiannis. They have one son and two daughters.
Recent talk: “The impact of U.S. relations with Qatar and the Gulf states after the September 11 attacks. Theros notes that strategic and security relations with those states since World War II have been characterized by ups and downs”, Nov. 05, 2001
Ex Chairman & CEO, Enron Corporation
Lay took over as chief executive officer at Enron in February 1986, seven months after it was formed by the merger of Houston Natural Gas and InterNorth Inc.
Just months ago, Enron was the country's seventh biggest company in revenue. But investors and traders alike evaporated amid revelations of questionable partnerships that helped keep billions of dollars in debt off its books and the company's acknowledgment that it overstated profits for four years.
The company filed for bankruptcy in December, leaving thousands of employees out of work and stripping much of their retirement savings after Enron temporarily barred them from selling company stock from their Enron-dominated 401(k) accounts. (source)
This is a bio of Lay from when he was still at Enron:
“Was a naval officer in the Pentagon before becoming an aide to a federal government regulator for the natural gas industry. Moved to the private sector and worked his way up in the natural gas industry”
“[…] Previously, Lay was President of Continental Resources Company (formerly Florida Gas Company) and Executive Vice President of The Continental Group, the parent company of Continental Resources Company, before joining Transco Energy Company in May 1981, as President, Chief Operating Officer and a director. He joined Houston Natural Gas in June 1984 as Chairman and Chief Executive Officer.
A native of Missouri, Lay was a Phi Beta Kappa graduate in economics from the University of Missouri, where he also received a master's degree in economics. Upon graduation, he began his career in 1965 as a corporate economist with Exxon Company, U.S.A. Subsequently, he earned a Ph.D. in economics from the University of Houston.
Lay served as an officer in the U.S. Navy, and held the positions of Technical Assistant to a Commissioner of the Federal Energy Regulatory Commission and Deputy Under Secretary for Energy of the U.S. Department of Interior. Additionally, while in Washington, Lay was an assistant professor at George Washington University, teaching graduate courses in micro- and macroeconomic theory and government-business relations.
Currently, Lay serves on the Board of Directors of Compaq Computer Corporation, Eli Lilly and Company and Trust Company of the West. He is a member of the President's Council on Sustainable Development, The Business Council, the National Petroleum Council and the American Enterprise Institute. He is a member of the Board of Trustees of The H. John Heinz III Center for Science, Economics and the Environment. Previous key roles have included serving as Chairman of the Greater Houston Partnership, the University of Houston Board of Regents, the Houston Host Committee for the 1992 Republican National Convention and Co- Chairman of the 1990 Houston Economic Summit Host Committee.”
“He quit as CEO in February 2001 in favor of protégé Jeffrey Skilling and returned as CEO in August 2001 when Skilling quit. He was chairman of Enron's board throughout the 16-year period until he resigned on Jan. 23, 2002, just as the Senate Commerce Committee issued a subpoena to compel his testimony. He would later refuse to testify, citing his rights under the Fifth Amendment. He quit the Enron board altogether on Feb. 4.”
“While never a very public figure, Lay was known as a risk taker and as a proponent of free markets. He is still known as a personal friend of President George W. Bush and as one of his top fundraisers. These connections gave him tremendous power not just in business, but in Texas politics, as well as in other state capitals, where Enron took the lead in lobbying for energy deregulation. In Houston, Lay was prominent in civic and charitable causes, and his company's name adorned the ballpark. Lay's power might have flourished on the national stage: He was once mentioned as a possible future secretary of energy or commerce.
As it happened, Lay's political connections were not enough to save Enron. His eleventh-hour calls to cabinet officials like Treasury Secretary Paul O'Neill and Commerce Secretary Donald Evans drew sympathy, but no concrete action. His efforts to merge the company with cross-town rival Dynegy also failed.” (source)
Executive Vice-President, BP Amoco Corporation
Vice-Chairman, Chevron Overseas Petroleum, Inc.
Peter J. Robertson is vice chairman of the board of directors for ChevronTexaco Corp. He is responsible for directing the company's worldwide exploration and production business. He assumed his present position effective Jan. 1, 2002.
Previously, he was vice president of ChevronTexaco Corp. and president of ChevronTexaco Overseas Petroleum, a position he assumed October 2001 upon the formation of ChevronTexaco Corp. He was responsible for managing ChevronTexaco's exploration and production activities outside North America. ChevronTexaco Overseas Petroleum is headquartered in San Ramon, Calif.
Robertson is a native of Edinburgh, Scotland. He earned a bachelor's degree in mechanical engineering at Edinburgh University, and he holds a master's degree in business administration from the University of Pennsylvania, Wharton School, where he attended as a Thouron Scholar.
He joined Chevron in 1973 and after a variety of analytical assignments was named manager of internal audit for the company's European operations in 1977. He became comptroller for Chevron Oil Europe in London in 1980. From 1983 to 1986, he held positions with increasing responsibility and was named comptroller of Chevron U.S.A. Inc. in 1987. In October 1989, he was elected vice president of finance for Chevron U.S.A. Inc.
In October 1991, he was named president of Warren Petroleum Co., Chevron's former natural gas liquids subsidiary, headquartered in Tulsa, Okla. On Sept. 1, 1994, he was elected a vice president of Chevron Corp., responsible for strategic planning and the company's total quality improvement activities.
In October 1996, he was named executive vice president of Chevron U.S.A. (CUSA) Production Co. In March 1997, Robertson was elected president of CUSA and a vice president of Chevron Corp., responsible for Chevron's North American exploration and production operations in areas such as Canada, Alaska, California, Texas and the Gulf of Mexico.
In January 2000, he was named president of Chevron Overseas Petroleum Inc. (COPI). At COPI, he was responsible for directing Chevron's oil exploration and production activities around the world.
Robertson is a member of the Russian-American Business Leaders Forum and a director of Sasol Chevron Holdings Ltd. He has served as chairman of the American Petroleum Institute's Upstream Committee. He also is past director of Dynegy Inc., a major natural gas and power marketer; and of Caltex Petroleum Corp. Caltex was a 50-50 joint venture of Chevron and Texaco, with refining and marketing activities throughout the Eastern Hemisphere. With the merger of Chevron and Texaco, Caltex became part of ChevronTexaco Corp.
Mr. Robertson was born in January 1947.
Vice-President, Worldwide Production, Phillips Petroleum Corporation
B.Z. (Bill) Parker is executive vice president for worldwide production and operations (with the exception of Alaska) for Phillips Petroleum Company. He was named to this position in 2000. He previously served as executive vice president of downstream in 1998, with responsibility for the downstream technology effort as well as the company's information technology organization.
Parker was senior vice president of refining, marketing and transportation in 1997 and president and managing director of Phillips Petroleum Company Norway in 1996. Prior to that, he was vice president of worldwide drilling and production in 1995.
Parker joined Phillips in 1970 as a trainee engineer and held various engineering positions in exploration and production in the United States, Norway and England. In 1977, he was promoted to director of project analysis, followed by positions in management of North American engineering activities; drilling and production operations in West Texas and New Mexico; similar operations in the Ivory Coast and Ghana; and overseeing major project developments in Europe and Africa. Parker moved to the company's headquarters in Bartlesville, Okla., in 1985 to assume the post of corporate planning manager. For a short time in 1987, he was manager of safety and environmental affairs for the planning and technology group. He was president of Phillips Driscopipe, Inc. for four years in Dallas, Texas. In 1991, he was manager of transportation services in downstream operations in Bartlesville. In late 1992 he was managing director of the United Kingdom division of exploration and production and in 1994, manager of exploration and production services for a year.
Parker was born April 5, 1947, and grew up in Oklahoma City. He attended the University of Oklahoma on a Phillips Petroleum Company scholarship and graduated with a bachelor of science degree in petroleum engineering in 1970. He served five years with the United States Naval Reserves.
Parker is on the boards of the American Petroleum Institute and the National Association of Manufacturers. He is a member of the National Petroleum Refiners Association, the Society of Petroleum Engineers and the Oklahoma Society of Professional Engineers. He also serves on the board of visitors of the University of Oklahoma Engineering School and chairs the advisory board of the University of Oklahoma School of Petroleum & Geological Engineering. Locally, he is on the boards of the Cherokee Council of the Boy Scouts of America and the Bartlesville Symphony Society.
“There’s no ocean wide enough to keep two oil companies apart. Created by the 1998 transatlantic merger of British Petroleum and Amoco, Londonbased BP (formerly BP Amoco) is the world’s #2 integrated oil company, after Exxon Mobil. It has expanded again with the acquisition of Atlantic Richfield Company (ARCO).
BP has proved reserves of about 15.2 billion barrels of oil equivalent, including large Alaskan holdings that have helped make it the #1 US oil and gas producer. BP also has significant production activities in Canada, the Gulf of Mexico, the North Sea, and Trinidad. BP owns 29,000 service stations worldwide, including 17,300 in the US. Also a top refiner (3.2 million barrels of oil per day capacity) and manufacturer of petrochemicals and specialty chemicals, BP has expanded with the acquisition of motor-oil maker Burmah Castrol. The company is rolling out a new worldwide brand, BP, though it will continue to use the Castrol, Amoco, and ARCO brands in some markets.” (source: Hoovers)
“Having added a star to its stripes, ChevronTexaco can pull rank on its rivals. Chevron’s acquisition of Texaco in October 2001 created the #2 US integrated oil company (behind Exxon Mobil). San Francisco-based ChevronTexaco has followed the path blazed by the cost-saving mergers of other oil giants (Exxon and Mobil, BP and Amoco).
ChevronTexaco boasts proved reserves of 11.5 billion barrels of oil equivalent and daily production level of 2.7 million barrels of oil equivalent. With a global reach of 180 countries, ChevronTexaco also owns stakes in chemicals producer Chevron Phillips Chemical and power producer and marketer Dynegy. The company’s brands include Chevron, Texaco, and Caltex. (The Caltex brand comes from a joint venture between the companies that was formed in 1936 to operate in Asia and Africa.)
To obtain US government approval for the deal, ChevronTexaco sold its stakes in its Equilon and Motiva refining and marketing joint ventures. Shell bought ChevronTexaco’s 44% interest in Equilon, which operates in the West and Midwest as Shell Oil Products US. ChevronTexaco’s 35% stake in Motiva, which operates along the Gulf Coast and the eastern seaboard, was sold to partners Shell and Saudi Aramco. The company also agreed to sell its interest in the Discovery Pipeline and its stake in the Enterprise Fractionator near Houston. ChevronTexaco, led by Chevron veteran Dave O’Reilly, has announced plans to lay off some 4,000 workers (from a workforce that numbered 57,000 when the companies were combined) as part of a reorganization intended to save $1.2 billion.” (source: Hoovers)
Condelezza Rice served as a director of Chevron from 1991 to 2001, quitting when Bush called her into office.
Other directors are: Samuel H. Armacost, Robert J. Eaton, Sam Ginn, Carla A. Hills, Franklyn G. Jenifer, J. Bennett Johnston, Sam Nunn, David J. O'Reilly, Peter J. Robertson, Charles R. Shoemate, Frank A. Shrontz, Glenn F. Tilton, Thomas A. Vanderslice, Carl Ware & John A. Young. (see here for more info)
Houston-based Enron’s end run around its energy rivals has come to an end. The company, which transformed itself from a gas pipeline operation into the world’s largest energy trader, has filed for Chapter 11 bankruptcy protection and has sold its primary energy trading unit. Controversy over how the firm accounted for financial transactions with entities controlled by a former CFO and other company officers drove down Enron’s stock price and its credit rating in 2001. Enron then agreed to be acquired by smaller rival Dynegy, but Dynegy backed out of the deal as Enron’s financial situation worsened. The company’s collapse and the destruction of documents related to its audit sparked a series of investigations, and chairman and CEO Kenneth Lay resigned early in 2002.
Once the largest buyer and seller of natural gas and electricity in the US, Enron also traded numerous other commodities and provided risk management, project financing, and engineering services. It still owns interests in utilities, power plants, and other energy projects around the world, including 15,000 miles of gas pipelines in North, Central, and South America. Enron’s financial troubles have prompted it to lay off about 4,000 employees; it is also selling assets to pay off debt. Enron has sold its 16,500- mile Northern Natural Gas pipeline to Dynegy, and it has sold its North American power and gas trading unit to Swiss bank UBS in exchange for 33% of the unit’s profits for up to 10 years.
Enron has announced plans to reorganize itself into a smaller company (temporarily dubbed OpCo Energy) that will focus on electricity generation and distribution and natural gas transportation and production in the Americas. Following the announcement, Enron terminated its agreement to sell regulated utility Portland General Electric to Oregon utility Northwest Natural Gas. (source: Hoovers)
Two Big Oil names have become one to make Exxon Mobil the world’s #1 oil company, ahead of BP and Royal Dutch/Shell. Irving, Texas-based Exxon Mobil is engaged in oil and gas exploration, production, supply, transportation, and marketing. With major oil and gas holdings in Europe, the US, and eastern Canada, the company has proved reserves of almost 21 billion barrels of oil equivalent. It is looking for new opportunities in West Africa, both onshore and off; in the former Soviet Union; and in South America. Exxon Mobil’s refining capacity exceeds 6 million barrels per day, and the company’s refined products are sold at more than 40,000 service stations operating under the Exxon, Esso, and Mobil brands in 118 countries, including 16,000 stations in the US. Exxon Mobil produces and sells petrochemicals (including ethylene, olefin, polyolefin, and paraxylene) and mines coal and other minerals. It also has stakes in electric power plants in China.
Still sorting out the logistical and cost-saving ramifications of the 1999 acquisition of Mobil by Exxon, Exxon Mobil has announced plans to cut 14,000 jobs — about 12% of its workforce — by the end of 2002. (source: Hoovers)
Board of Directors: Mchael J. Boskin, Rene Dahan, William T. Esrey, Donald V. Fites, James R. Houghton, William R. Howell, Helene L. Kaplan (Attorney), Reatha Clark King, Philip E. Lippincott, Harry Longwell, Marilyn Carlson Nelson, Lee Raymond, CEO, Eugene Renna, Walter V. Shipley
“Taking it to the core, Fluor is focusing on its traditional strengths: engineering, procurement, construction, and maintenance. One of the world's largest engineering and construction companies, Fluor ranks among the top international design firms and international contractors. It provides construction management services to various industrial sectors worldwide. Fluor's projects include designing and building manufacturing facilities, refineries, pharmaceutical facilities, power plants, and telecommunications and transportation infrastructure. Fluor also offers equipment fleet outsourcing and temporary staffing for construction projects. Fluor veteran Alan Boeckmann has replaced Philip Carroll as chairman and CEO.” (source)
“There’s nothing accidental about Occidental Petroleum and its aggressive growth. The Los Angeles-based company engages in oil and gas exploration and production primarily in North America, the Middle East, and Latin America. Occidental has proved reserves of more than 2.2 billion barrels of oil equivalent.
Occidental Chemical (OxyChem) is a top producer of basic chemicals (including acids and chlorine) and specialty products (chlorinated aromatics). Occidental has a 76% stake in Oxy Vinyls, the #1 producer of polyvinyl chloride (PVC) resin in North America, in a venture with The Geon Company; it also produces petrochemicals — ethylene, propylene, ethylene oxide, and derivatives — through Equistar Chemicals, in which it has a 29.5% stake (which the company has agreed to sell to Lyondell Chemical) .
Occidental has reworked its business. To finance its purchase of the US government’s 78% interest in California’s historic and underused Elk Hills oil field, the company has divested its natural gas pipeline and marketing operation, MidCon, and sold off noncore oil and gas properties in the US, Venezuela, and the Netherlands. All told, Occidental has shed assets producing some 46,000 barrels of oil per day and let go about a quarter of its workforce. The company also sold its 29% stake in Canadian Occidental to help pay for its purchase of oil and gas producer Altura Energy.” (source: Hoovers)
Board of Directors: Ray R.Irani, Dale R. Laurance, Ronald W. Burkle, John S.Chalsty, Edward P.Djerejian, John E.Feick, Irvin W.Maloney, Rodolfo Segovia, Aziz D.Syriani, Rosemary Tomich, Walter L. Weisman.
Formed in 2002 by the merger of Conoco and Phillips Petroleum, ConocoPhillips is the third-largest integrated oil and gas company in the US, behind Exxon Mobil and ChevronTexaco. The company has net proved reserves of 8.7 billion barrels of oil equivalent and a refining capacity of 2.6 million barrels per day. It sells fuel at more than 17,000 outlets in the US under the 76, Circle K, Conoco, and Phillips 66 brands. To gain regulators' blessing for the merger, the company agreed to sell refineries and marketing networks in Colorado and Utah. Outside the US, ConocoPhillips has operations in nearly 50 countries. (source)
C & O Resources
“C & O Resources political analysis, assists foreign governments and companies in the conduct of their business with USG agencies and entities, and help US and foreign companies with marketing opportunities in the Middle East.” (source)
Capital Investment Management Corporation
“Masri, the head of Capital Investment Management Corporation of McLean, Virginia, was in Qatar last month and found businesspeople there interested in his venture. He expects to gain additional commitments at Doha.
"We will look at each project in business terms," Masri said of the capital venture, to be headquartered in Ramallah. "If it is feasible, if it will make money, we will invest. It'll be run as a business, not a charity foundation."
Masri is convinced he can make money and help his homeland at the same time. But he knows how difficult that can be. Every time he visits and travels between Israel and the territories or Jordan, he wastes precious hours when Israel insists he must travel on Palestinian travel documents. He usually has to call on the American Embassy in Tel Aviv to bail him out.” – Jerusalem Post, December 4th 1997
Could the honeymoon be over for Chase Manhattan and J.P. Morgan & Co.? The 2001 merger of the venerable firms formed J.P. Morgan Chase (the #2 US bank behind Citigroup), intending to take advantage of Chase’s lending prowess to lure corporate advisory clients to Morgan.
New York-based J.P. Morgan Chase offers commercial, consumer, and institutional banking in more than 50 nations. Stateside, the bank’s retail branches operate mainly in Connecticut, New Jersey, New York, and Texas. It has bragging rights as one of the nation’s top mortgage lenders, automobile loan writers, and credit card issuers. The company’s asset management business includes institutional investment manager J.P. Morgan Fleming and the prestigious J.P. Morgan Private Bank. J.P. Morgan Chase also claims 45% ownership of mutual fund company American Century. The company’s investment banking operations (including J.P. Morgan H&Q) boast expertise in mergers and acquisitions consulting, risk management, and debt and securities underwriting. J.P. Morgan Chase offers online brokerage services to seasoned investors through Brown & Company and provides equity funding through J.P. Morgan Partners. The company has also dipped its toe into the insurance market, underwriting its first fixed annuity. Other activities include transaction processing, securities lending, and custody services.
J.P. Morgan Chase’s commercial lending practices have raised some eyebrows. The company is responsible for nearly half of all corporate enterprise loans (loans secured by debt or market capitalization rather than assets) in the US, leaving it vulnerable to a range of credit risks, such as troubled firms Kmart, Qwest Communications, and Tyco International. J.P. Morgan Chase also has more than $2 billion in exposure to Enron, and is battling with insurers in court in an attempt to recoup some of its losses. Controversy also surrounds Mahonia, an offshore financing entity that J.P. Morgan Chase may have used to surreptiously float loans to the failed energy trader.
What’s more, the marriage of Chase and Morgan has also struggled through steep private equity losses and an industry-wide slowdown in investment banking activity. The firm has cut nearly 9% of its workforce since the merger was announced. (source: Hoovers)
Marshall I. Wais Jr.
President and CEO
Marwais International L.L.C.
“Getting in deep water is McDermott International's forte. The company's J. Ray McDermott subsidiary (43% of sales) builds deepwater and subsea oil and gas production facilities. Another subsidiary, Babcock & Wilcox (which has filed for Chapter 11 protection because of asbestos liabilities), makes electric power generation systems and equipment. McDermott also provides nuclear reactor components to the US Navy and manages and operates US government facilities through subsidiary BWX Technologies. McDermott's other industrial operations include Hudson Products (heat exchangers) and McDermott Technology (research and development).” (source)
Avast, there! After acquiring boatmaker and defense electronics company Litton Industries and nuclear shipbuilder Newport News, Northrop Grumman is the largest naval shipbuilder in the world. The US’s #3 defense contractor behind Lockheed and Boeing, Northrop Grumman operates in six segments: Its Integrated Systems unit makes aircraft such as the US Navy’s F/A-18 Hornet aircraft; the Electronic Systems segment makes systems for air defense, air-traffic control, and communications; the Information Technology segment provides information and computer systems to the US government and the private sector; its Ship Systems segment (Litton) makes navigation systems and ships; its Newport News unit builds, maintains, refuels, and repairs nuclear aircraft carriers and submarines; the Component Technologies segment makes electronic and optical components and materials. The deal for Litton solidified Northrop Grumman’s place as a top-tier defense contractor in the ever-consolidating aerospace and defense sector; that was fortified further by the $2.6 billion acquisition of Newport News, which made Northrop Grumman the largest naval shipbuilder in the world. More defensive than ever, Northrop Grumman also has sold its commercial aerostructures unit and picked up an electronics unit of GenCorp (enabling the company to pursue more military contracts for high-tech missile defense and space systems).
In order to complete the acquisitions of Litton, the electronics unit of GenCorp, and Newport News, the company issued 25.5 million shares of stock in 2001, thus diluting outstanding shares by 35%. Still hungry for acquisitions, the company made a hostile bid for TRW in early 2002. Not incidentally, Northrop Grumman’s president and COO Ronald Sugar spent about 20 years at TRW; his last position there was as president and COO of TRW’s Aerospace and Information Systems — precisely the unit that Northrop Grumman covets. Although Northrop Grumman’s initial bid was rebuffed, TRW agreed in July 2002 to be acquired for $7.8 billion in stock. The pending deal will make Northrop Grumman a leading contender in the fields of military satellites, missile systems, and systems integration. The car parts business of TRW, however, will be sold. (source: Hoovers)
“One of the world’s largest makers of missiles, Lexington, Massachusetts-based Raytheon is the US’s #4 defense company, behind Lockheed Martin, Boeing, and Northrop Grumman. Raytheon’s electronics unit (45% of sales) produces radar, sonar, and surveillance systems, as well as the Hawk and Patriot missile systems. Through its Command, Control and Information Systems unit, Raytheon’s technology has been adapted for air-traffic control systems and airport operations, satellite-based Earth imaging, marine navigation, and wireless communications. The company’s Raytheon Aircraft unit makes Beech and Hawker jets and turboprop and piston aircraft for the general, commercial, and military aviation markets. The US government (including foreign military sales) accounts for about 70% of sales; overall, the US accounts for 84% of sales. Raytheon, which piled up almost $10 billion of debt from acquisitions in the 1990’s, has been selling its money-losing and noncore businesses to focus on its missiles, radar, and defense-related businesses. Along these lines, Raytheon has sold its aircraft integration unit to L-3 Communications for about $1.1 billion and trying to sell its aircraft unit, which hemorrhaged more than $770 million in 2001. Debt notwithstanding, the company has put in a bid for the satellite and missile defense systems of TRW.” (source: Hoovers)
Board of Directors: Daniel P. Burnham, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld, John M. Deutch, Thomas E. Everhart, John R. Galvin, L. Dennis Kozlowski, Henrique de Campos Meirelles, Frederic M. Poses, Warren B. Rudman, Michael C. Ruettgers, William R. Spivey, Alfred M. Zeien,
“The Turner Corporation, a subsidiary of German construction group HOCHTIEF, is one of the world's leading general building and construction management firms. It is also one of the largest commercial builders in the US, where it has more than 40 offices nationwide. Projects have included Madison Square Garden and the UN Secretariat in New York City, as well as nearly 20 of the world's tallest buildings. Known for its large projects (such as airports, office towers, and stadiums), Turner also offers services for midsize and smaller projects and provides interior construction and renovation services. Subsidiary Turner International provides design/build, general contracting, and management services outside the US.” (source)
“With more than 60 percent of Turner’s business coming from repeat clients, the company is a recognized leader in providing quality service in diverse markets.
Turner, operating through a nationwide network of offices, has construction project underway throughout the United States and abroad. During 2001, The Turner Corporation completed $6.3 billion of construction.
Turner provides building services to leading developers, institutions and companies who recognize the value of a partner who works diligently and creatively to find the best possible solution for each particular project.” (source: Turner Construction website)