Oil buyers list continued...
Number 11 on the list is Fenar Petroleum who accounted for 1.84% of Iraq's oil sales ($1.178 billion). Fenar is not someone known in the oil
This is an excerpt from a Newsweek article on them from 2003:
NEWSWEEK obtained a copy of a secret, U.N.-approved oil-for-food contract, dated June 2002, between the Liechtenstein company Fenar Petroleum and
Iraq’s State Oil Marketing Organization, the Iraqi national oil company that U.S. officials say is tightly controlled by Saddam Hussein and his son
Uday. The contract lists as Fenar Petroleum’s address the office of a “fiduciary” in Liechtenstein. But the company’s phone numbers are all in London,
and the contract is signed on behalf of Fenar by someone named Musbah Ladki, whose name appears nowhere on Fenar’s official corporate-registration
Nobody answers Fenar’s London phones. But NEWSWEEK traced Fenar’s phone numbers to an office building in a swank London neighborhood near Harrods
department store and across from Hyde Park. The building’s list of tenants included two Swiss-based oil companies with well-known Russian connections
and an office of Algeria’s national oil company. But a security guard at the building told a visiting NEWSWEEK reporter he had never heard of Fenar
Petroleum or Musbah Ladki. A representative of the Algerian oil company also said she had never heard of Fenar or Ladki. The security guard said that
representatives of the two Swiss oil companies with offices in the building usually worked in Geneva and only visited their London office occasionally
to hold business meetings.
Rosnefteimpex, a Russian company, accounted for 1.62% of Iraq's oil sales ($1.037 billion).
Rosneft, a State-Owned Russian company, owned 56.7 percent of Rosnefteimpex's voting shares but they say Rosnefteimpex is not their subsidiary.
Sonatrach, a State-Owned Algerian Oil and Gas company, accounted for 1.49% of Iraq's oil sales ($953 million).
is the 12th largest petroleum company in the world.
Petrovietnam, a State-Owned Vietnamese petroleum company, accounted for 1.48% of Iraq's oil sales ($950 million).
dated back to 1975 and is wholly owned by the State.
Tatneft OAO, a Russian oil company, accounted for 1.40% of Iraq's oil sales ($898 million).
accounts for about 8% of Russia's total oil production.
Emercom Agency (Russia), accounted for 1.40% of Iraq's oil sales ($898 million).
Mastek SDN BHD from Malaysia accounted for 1.38% of Iraq's oil sales ($885 million).
appears to be primarily an IT outsourcing company and software company.
An article from 2002 says that Exxon purchased oil from Mastek.
Exxon, for example, bought 141,000 metric tons of crude from middleman company Mastek, on Feb. 10, 2001, for delivery to
Lukoil accounted for 1.37% of Iraq's oil sales ($881 million).
is a major Russian oil company that accounts for 19% of Russian oil production and 2% of world production.
Italtech SRL accounted for 1.32% of Iraq's oil sales ($846 million).
Italtech was founded in the late 1980s, to build engines for mini-submarines. On 15 July 1999, it was registered it as a "national oil purchaser"
under the oil-for-food programme. They oil they sold went to Bayoil, a company set up by a Houston Oil Trader named David Bay Chalmers.
The business plan was simple: Italtech acquired allocations of Iraqi oil, then sold the oil to Bayoil for a small commission. Bayoil would collect the
oil and sell it on.
"The money for the letters of credit [to buy the oil] always came from Bayoil; all the oil was passed to Bayoil. We were involved only from the
contractual point of view," says the Italtech executive. "We put our name on the contracts in exchange for a commission of 1-2 cents per barrel.
Chalmers and Giangrandi did everything." (link)
Tyumen Oil Company (TNK) accounted for 1.27% of Iraq's oil sales ($813 million).
is a Russian company founded on Aug.15, 1995.
I'll add more to the list tomorrow.
[edit on 24-10-2004 by AceOfBase]