[CTRL] ExxonMobil's Raymond does not see going into Iraq soon

[Sean McBride]

Title: ExxonMobil's Raymond does not see going into Iraq soon/Platts News

-Caveat Lector- Further evidence that the oil industry was NOT behind the Iraq War.   Compare the tone of Lee Raymond, the Chairman and CEO of ExxonMobil, with that of fire-breathing neocons like Norman Podhoretz or Charles Krauthammer.   The neocons are fanatical ideologues.  Oil industry leaders are practical business people.  The invasion and occupation of Iraq was a profoundly impractical and self-destructive venture.   http://www.platts.com/stories/oil3.html   Moscow (Platts)--3Oct2003 ExxonMobil Chairman and CEO Lee Raymond said Friday investing in Iraqi energy projects was quite a way dcown the road with political stability a prerequisite for investment. <P> Oil companies will also need to see political stability in Iraq before beginning to invest in Iraq, Raymond told a Moscow conference organized by the World Economic Forum. <P> "I fear that will not happen quickly," he said. The time when foreign oil companies will become fully involved in developing Iraqi oil reserves is "quite a long way down the road", Raymond said. <P> First Iraq will have to get its facilities up to "a reasonable standard," Raymond said, describing Iraqi infrastructure as being "in a horrible condition." He said: "From an engineering point of view, it's incredible to me that they even continue to operate at all." <P> Finance for restoring Iraq's oil industry will have to come either from Iraq itself or from the US, he said. Asked if he thought Iraq would dry up oil company dollars and attract funds away from Russia, Raymond said the possibility of another huge oil-producing country like Iraq competing with Russia for international capital would not happen "for some time." <P> Iraq's known reserves at 113-bil bbls are the world's second biggest after Saudi Arabia. But the state of the Iraqi oil industry is in a shambles following three wars since 1980 -- against Iran, Kuwait and recently the US-led war -- and 12 years of economic sanctions. <P> Estimates of repairing Iraq's oil industry to maintain current production and exports vary from $1.4-bil to over $2-bil over the next two years. Raymond had earlier spoken of his company's interest in investing in Russia but would not confirm nor deny reports that ExxonMobil was negotiating to buy a big stake in Russian mega giant YukosSibneft. <P> This story was originally published in <a href="" target="_blank">Platts Global Alert.</a> EU official says failure to ratify Kyoto will cost Russia Yukos, Sibneft complete merger ExxonMobil's Raymond does not see going into Iraq soon ExxonMobil's Raymond says keen on Russia but no word on Yukos Pakistan Petroleum awarded E+P license for Balochistan block Moscow (Platts)--3Oct2003 ExxonMobil Chairman and CEO Lee Raymond said Friday investing in Iraqi energy projects was quite a way dcown the road with political stability a prerequisite for investment. Oil companies will also need to see political stability in Iraq before beginning to invest in Iraq, Raymond told a Moscow conference organized by the World Economic Forum. "I fear that will not happen quickly," he said. The time when foreign oil companies will become fully involved in developing Iraqi oil reserves is "quite a long way down the road", Raymond said. First Iraq will have to get its facilities up to "a reasonable standard," Raymond said, describing Iraqi infrastructure as being "in a horrible condition." He said: "From an engineering point of view, it's incredible to me that they even continue to operate at all." Finance for restoring Iraq's oil industry will have to come either from Iraq itself or from the US, he said. Asked if he thought Iraq would dry up oil company dollars and attract funds away from Russia, Raymond said the possibility of another huge oil-producing country like Iraq competing with Russia for international capital would not happen "for some time." Iraq's known reserves at 113-bil bbls are the world's second biggest after Saudi Arabia. But the state of the Iraqi oil industry is in a shambles following three wars since 1980 -- against Iran, Kuwait and recently the US-led war -- and 12 years of economic sanctions. Estimates of repairing Iraq's oil industry to maintain current production and exports vary from $1.4-bil to over $2-bil over the next two years. Raymond had earlier spoken of his company's interest in investing in Russia but would not confirm nor deny reports that ExxonMobil was negotiating to buy a big stake in Russian mega giant YukosSibneft. This story was originally published in Platts Global Alert. ExxonMobil's Raymond does not see going into Iraq soon www.ctrl.org DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance—not soap-boxing—please! 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