Statoil shared Russian corruption worries with US ambassador / News / The Foreigner

Statoil shared Russian corruption worries with US ambassador. The former US ambassador to Oslo was involved in talks with Statoil CEO Helge Lund about fears of increasing Russian corruption in the Shtokman project. US ambassador Benson K Whitney noted Mr. Lund’s concerns at a meeting held in December 2009, according to the latest WikiLeak cable published by Aftenposten. Mr. Lund also said Statoil encountered impediments in developing the Shtokman project, such as the “lack of local infrastructure combined with local rules; risk of low gas prices continuing into the future, thanks to the impact of shale gas discoveries; and overall political risk,” Mr Whitney wrote.

shtokman, gazprom, statoil, total, wikileaks, bensonwhitney, usembassyoslo, helgelund, russiancorruption, lukoiliran



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Statoil shared Russian corruption worries with US ambassador

Published on Sunday, 9th January, 2011 at 10:40 under the news category, by Ramona Tancau.
Last Updated on 26th January 2011 at 21:47.

The former US ambassador to Oslo was involved in talks with Statoil CEO Helge Lund about fears of increasing Russian corruption in the Shtokman project.

US Embassy, Oslo
US Embassy, Oslo
Photo: © 2009 Kjetil Ree/Wikimedia Commons


US ambassador Benson K Whitney noted Mr. Lund’s concerns at a meeting held in December 2009, according to the latest WikiLeak cable published by Aftenposten.

Mr. Lund also said Statoil encountered impediments in developing the Shtokman project, such as the “lack of local infrastructure combined with local rules; risk of low gas prices continuing into the future, thanks to the impact of shale gas discoveries; and overall political risk,” Mr Whitney wrote.

The Shtokman project was of great potential to Norway. Statoil owns 24 percent of the company Shtokman Development AG, and plans to exploit a field of 3700 billion cubic meters of gas. Other partners are Russia’s Gazprom, with a 51 percent share, with France’s Total owning the remaining 25 percent of the stocks.

As far as the partnership was concerned, Statoil’s CEO described that there was little difference dealing with Gazprom than the Russian Government, which is a completely different experience than doing business with Iraq’s Lukoil. It has been alleged Statoil withdrew from Iran following US pressure.

However, when contacted by the media, Statoil’s spokesperson Bård Glad Pedersen said the company would not be pulling out the project, as it represents “a significant opportunity for Statoil,” reports Aftenposten.

“The main challenges now are linked to commercial conditions. Political authorities in Russia have issued several statements throughout 2010 about the importance of Shtokman, and we believe this is positive,” Mr. Pedersen said.




Published on Sunday, 9th January, 2011 at 10:40 under the news category, by Ramona Tancau.
Last updated on 26th January 2011 at 21:47.

This post has the following tags: shtokman, gazprom, statoil, total, wikileaks, bensonwhitney, usembassyoslo, helgelund, russiancorruption, lukoiliran.





  
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