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RE: Brown Seeks Deal With Oil Producers To Reduce Prices - 6/23/2008 5:48:45 AM
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mapachito13
Posts: 2019
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quote:
ORIGINAL: Sophie11
http://www.bloomberg.com/apps/news?pid=20601102&sid=a9B.WtOwW1aA&refer=uk
Well, let's hope we don't follow their lead on this one!
Why? What's the problem you see?
_____________________________
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And Justice for all!
Peace Sells....But Who's Buying!
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RE: Brown Seeks Deal With Oil Producers To Reduce Prices - 6/23/2008 9:29:05 AM
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Sophie11
Posts: 720
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If they are going to allow them to invest heavily in these programs, would they not then have a level of ownership in them?
I thought since the US wanted to become "energy independent", this would probably not be a very good idea.
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RE: Brown Seeks Deal With Oil Producers To Reduce Prices - 6/23/2008 5:20:35 PM
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blessedinnyc
Posts: 1672
Joined: 10/12/2007
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quote:
ORIGINAL: Sophie11
If they are going to allow them to invest heavily in these programs, would they not then have a level of ownership in them?
I thought since the US wanted to become "energy independent", this would probably not be a very good idea.
I don't think it's good policy to have foreign companies come in and develop natural resources in a certain country. Take a look at the attempted CNOOC-UNOCAL merger a few years back. A Chinese company tried to buy a US oil company, and it caused a lot of political havoc.
Now, letting foreign interests invest in domestic oil companies is ok, but I don't think having our oil companies come into a foreign country is the best way to make friends and influence people.
Instead, let's focus on getting these foreign governments to IPO their oil companies. If you get local and foreign investors helping to increase oil production, it's going to be better for the domestic economy.
While a Saudi Aramco IPO would be nice, two companies that could really benefit from having an IPO would be PDVSA (Venezuela's national oil company) and PEMEX (Mexico's national oil company). If they were to issue 20% of the shares and allow shareholders to put a few directors on the board just in an advisory capacity, it would really help both companies increase production. Both companies are suffering right now from mismanagement and underinvestment, and a couple of squeaky wheels in charge of overseeing the company might help fix things a little.
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