Academic journal article The Middle East Journal

Chronology: Petroleum Affairs-General

Academic journal article The Middle East Journal

Chronology: Petroleum Affairs-General

Article excerpt

Aug. 17: David Chalmers, the head of Bayoil USA Inc. and Bayoil Supply and Trading Ltd., pled guilty to paying millions of dollars in kickbacks to Iraq during the life of the UN oil-for-food program, which ended in 2003. Chalmers was accused of depositing money in a secret account controlled by the Iraqi government in contravention of UN sanctions and US law. He and Bayoil agreed to pay more than $9 million in restitution. [Reuters, 8/17]

Sept. 29: The Kuwait National Petroleum Company announced that 19 firms, including consortiums of Italian, Japanese, and Korean companies, had pre-qualified for the construction of its planned 615,000 barrels per day (bpd) oil refinery at Al Zour on the Persian Gulf. Kuwait set aside $14 billion for the project, scheduled for completion in 2012, which made it the Middle East's largest funded oil project to date. [Reuters, 9/29]

Oct. 10: Syria signed a multi billion-dollar agreement with Tehran that would guarantee 105 billion cubic feet of oil to Syria annually, starting in 2009. …

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