Author Topic: Obama Loans Billions to Brazilian Oil Company Owned By Soros  (Read 2070 times)

Soul Crusher

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Obama Loans Billions to Brazilian Oil Company Owned By Soros
« on: December 09, 2009, 12:56:33 PM »
Obama Loans Billions to Brazilian Oil Company Partly Owned By Dem’s Biggest Contributor
Flopping Aces ^ | 08-19-09 | Mike's America

Posted on Wednesday, August 19, 2009 8:20:43 PM by Starman417


________________________ ________________________ _____________________


And yet Dems block offshore oil production in the U.S. Two pieces of information here. Connect the dots:

1. The Obama Administration is offering billions in loans for oil drilling off the coast of Brazil.

2. George Soros, the Dems top money man has a huge financial stake in the offshore drilling company.

Obama Underwrites Offshore Drilling
Too bad it's not in U.S. waters
Wall Street Journal
AUGUST 18, 2009

You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off Brazil.

The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan. The U.S. Export-Import Bank tells us it has issued a "preliminary commitment" letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.

But look on the bright side. If President Obama has embraced offshore drilling in Brazil, why not in the old U.S.A.? The land of the sorta free and the home of the heavily indebted has enormous offshore oil deposits, and last year ahead of the November elections, with gasoline at $4 a gallon, Congress let a ban on offshore drilling expire.

And this:

Soros Hedge Fund Bought Petrobras Stake Worth $811 Million By Jeb Blount and Miles Weiss
Aug. 15 (Bloomberg) -- Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro SA in the second quarter, making the Brazilian state-controlled oil company his investment fund's largest holding.

As of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 percent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management LLC, according to a filing with the U.S. Securities and Exchange Commission.

One Campaign Promise Obama Kept: Shower His Friends with Money

In 2008 Michelle Malkin penned a column in which she described the payoffs in store for George Soros and friends if Obama were elected. Funny how quickly Obama has been able to keep that promise.

George Soros stands to make hundreds of millions in profit from a loan by the U.S. to Petrobas for offshore drilling. Why is no one surprised? Perhaps as a thank you gesture, George Soros has been pouring millions of dollars of his ill-gotten gains into the Obama Hell Care racket.

(Excerpt) Read more at floppingaces.net

________________________ ________________________ ______

Hope & Change


Tito24

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #1 on: December 09, 2009, 03:37:25 PM »
Obama Loans Billions to Brazilian Oil Company Partly Owned By Dem’s Biggest Contributor
Flopping Aces ^ | 08-19-09 | Mike's America

Posted on Wednesday, August 19, 2009 8:20:43 PM by Starman417


________________________ ________________________ _____________________


And yet Dems block offshore oil production in the U.S. Two pieces of information here. Connect the dots:

1. The Obama Administration is offering billions in loans for oil drilling off the coast of Brazil.

2. George Soros, the Dems top money man has a huge financial stake in the offshore drilling company.

Obama Underwrites Offshore Drilling
Too bad it's not in U.S. waters
Wall Street Journal
AUGUST 18, 2009

You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off Brazil.

The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan. The U.S. Export-Import Bank tells us it has issued a "preliminary commitment" letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.

But look on the bright side. If President Obama has embraced offshore drilling in Brazil, why not in the old U.S.A.? The land of the sorta free and the home of the heavily indebted has enormous offshore oil deposits, and last year ahead of the November elections, with gasoline at $4 a gallon, Congress let a ban on offshore drilling expire.

And this:

Soros Hedge Fund Bought Petrobras Stake Worth $811 Million By Jeb Blount and Miles Weiss
Aug. 15 (Bloomberg) -- Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro SA in the second quarter, making the Brazilian state-controlled oil company his investment fund's largest holding.

As of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 percent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management LLC, according to a filing with the U.S. Securities and Exchange Commission.

One Campaign Promise Obama Kept: Shower His Friends with Money

In 2008 Michelle Malkin penned a column in which she described the payoffs in store for George Soros and friends if Obama were elected. Funny how quickly Obama has been able to keep that promise.

George Soros stands to make hundreds of millions in profit from a loan by the U.S. to Petrobas for offshore drilling. Why is no one surprised? Perhaps as a thank you gesture, George Soros has been pouring millions of dollars of his ill-gotten gains into the Obama Hell Care racket.

(Excerpt) Read more at floppingaces.net

________________________ ________________________ ______

Hope & Change



Petrobras is the world’s fourth-largest oil producer by market value after Exxon Mobil Corp., PetroChina Co. and Royal Dutch Shell Plc.

If my math serves me correctly George stake a initial investment is less than 1% of Petrobras overall market capitalization..

this is a very poorly written article. It makes it seem that George will collect billions for his stake in the company.


Tito24

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #2 on: December 09, 2009, 03:59:24 PM »
Petrobras shares traded at an average closing price of $64.83 each during the second quarter, when Soros bought the stake. The shares today dropped 91 centavos, or 1.8 percent, to $50.68 in New York, valuing Petrobras at $204.8 billion, the world's 11th-biggest company by market capitalization.


Petrobras is worth about 205 billion according to bloomberg.  George Soros is not entitled to billions in profits.

Tito24

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #3 on: December 09, 2009, 06:35:38 PM »
I'm a long time lurker..However i haven't  register until the other day. Just out of curiosity i was wonder why some republican's promote a free market capitalist society.  However, in this case the threads starter seems have a problem with the most basic premises of freemarket capitalism. George Sores is a philantrophist, and a great man. Furthermore, he makes a 1 billion investment in a huge oil company with the intent to sell the stake a later date for a profit.  there is no other motive here to his investment in petrobras.

This is a reason why i moved to Lyon france.

Soul Crusher

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #4 on: December 09, 2009, 06:43:48 PM »
I'm a long time lurker..However i haven't  register until the other day. Just out of curiosity i was wonder why some republican's promote a free market capitalist society.  However, in this case the threads starter seems have a problem with the most basic premises of freemarket capitalism. George Sores is a philantrophist, and a great man. Furthermore, he makes a 1 billion investment in a huge oil company with the intent to sell the stake a later date for a profit.  there is no other motive here to his investment in petrobras.

This is a reason why i moved to Lyon france.

How is the govt giving out a loan to a foregin company to explore drilling while knee capping our own industry in any way a free market?

Also - Soros is a vampire by any definition and was convicted a financial crimes for his crap.

Soul Crusher

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #5 on: March 23, 2011, 10:43:10 AM »
BUMP

kcballer

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #6 on: March 23, 2011, 10:54:20 AM »
You got owned by tito why bump it?
Abandon every hope...

Soul Crusher

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #7 on: March 23, 2011, 11:10:10 AM »
You got owned by tito why bump it?

How did I get owned?


kcballer

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #8 on: March 23, 2011, 11:17:05 AM »
Petrobras shares traded at an average closing price of $64.83 each during the second quarter, when Soros bought the stake. The shares today dropped 91 centavos, or 1.8 percent, to $50.68 in New York, valuing Petrobras at $204.8 billion, the world's 11th-biggest company by market capitalization.


Petrobras is worth about 205 billion according to bloomberg.  George Soros is not entitled to billions in profits.

 ;D

Abandon every hope...

Soul Crusher

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #9 on: March 23, 2011, 11:18:30 AM »
;D



The article didnt say he would make billions. 

kcballer

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #10 on: March 23, 2011, 11:23:43 AM »
The article didnt say he would make billions. 

oh please as if you weren't insinuating soros, a shareholder, wouldn't make a ton. 

Also if he's the owner then i guess i own apple and google  ::)
Abandon every hope...

Soul Crusher

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #11 on: March 23, 2011, 11:25:10 AM »
oh please as if you weren't insinuating soros, a shareholder, wouldn't make a ton. 

Also if he's the owner then i guess i own apple and google  ::)


Is bama giving them money to drill in the gulf?

kcballer

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #12 on: March 23, 2011, 11:29:58 AM »

Is bama giving them money to drill in the gulf?

The government is yes.  I wasn't aware the president was the sole provider of all funds?  I thought we had departments that decided on those things?  It must be hard to be 'asleep at 3 am' and partying all the time AND still find time to sign off on every single piece of funding from every single government department. 
Abandon every hope...

Fury

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #13 on: March 23, 2011, 11:30:11 AM »
Typical kcballer, focusing on the most irrelevant part in an effort to bury criticism of Obama giving a foreign oil company permission to drill in our gulf while he continues to be held in contempt of court for not doing the same for American firms.

Sad.

kcballer

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #14 on: March 24, 2011, 09:42:12 AM »
Typical kcballer, focusing on the most irrelevant part in an effort to bury criticism of Obama giving a foreign oil company permission to drill in our gulf while he continues to be held in contempt of court for not doing the same for American firms.

Sad.

I criticize Obama for even lifting the moratorium.   As far as i'm aware they haven't exactly been given enough time to prove what they are doing is safe and can be done without accident.  Of course risk will always be there, it's the gulf of Mexico, but what risk was there pre BP oil spill and has that risk diminished enough to allow for more drilling in deepwater?

The sad thing is this is an old thread pre moratorium and now 333 decides to bump it in the hopes of what exactly?  Proving Obama has given money to a large oil firm to drill in our waters?  Isn't that what he wanted? 
Abandon every hope...

Soul Crusher

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #15 on: April 19, 2011, 04:26:30 AM »
U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia
Monday, April 18, 2011
By Terence P. Jeffrey



http://www.cnsnews.com/news/article/feds-plan-284-billion-loan-oil-refinery



(CNSNews.com) - The U.S. Export-Import Bank, an independent agency of the federal government, is now planning a $2.84-billion loan for a massive project to expand and upgrade an oil refinery--in Cartagena, Colombia.

The money would go to Reficar, a wholly owned subsidiary of Ecopetrol, the Colombian national oil company.

“This is part of a $5.18 billion refinery and upgrade project in Cartagena, Colombia supplying petroleum products to the domestic and export markets,” the Export-Import Bank said in a statement.

The U.S. government-controlled bank says the $2.84-billion in financing it plans to undertake will be the second largest project it has ever done. The largest was $3 billion in financing for a liquid natural gas project in Papua New Guinea.

The statement released by the bank said that on April 7 the bank’s presidentially-appointed board of directors had “voted to grant preliminary approval for a $2.84 billion direct loan/loan guarantee” for the Colombian refinery project.

Export-Import Bank Spokesman Phil Cogan told CNSNews.com that the bank could not say at this time how much of the $2.84 billion would be directly loaned to the Colombian refinery company and how much would be in loans guaranteed by the bank--although he expected it to be a combination.

“It is conceivable it could be all a direct loan,” said Cogan. “Right now it is set up so that the board could do either a complete direct loan or a combination of direct loan and guarantee. That hasn’t been determined yet.”

Since December, the bank has also approved almost $880 million in other loans and loan guarantees to Reficar’s parent company, Ecopetrol. So, in total, if the new $2.84 billion in loans is finalized, the Columbian national oil company and its wholly owned subsidiaries will have received $3.72 billion in financing backed by a U.S.-government-controlled entity within a span of five months.

“Just last February and December the Bank approved nearly $880 million in export financing to help finance the sale of goods and services from various U.S. exporters to Ecopetrol S.A., Colombia's national oil company,” Export-Import Bank President Fred P. Hochberg said in the bank’s statement announcing preliminary approval of the refinery loan.

Export-Import Bank Spokesman Cogan stressed in an interview that although Reficar is wholly owned by Ecopetrol it remains a separate entity, and is considered as such for Export-Import Bank financing purposes

In its 2009 annual report, Ecopetrol says “we became 100% owners of Reficar, the company in charge of carrying out the Cartagena Refinery modernization plan.”

In its ordinary procedure for financing projects of this magnitude, the board of the Export-Import Bank votes its preliminary approval, notifies Congress of that preliminary approval, then waits five weeks before voting final approval of the deal. This allows members of Congress to comment on the planned financing project.

“The Reficar transaction is subject to congressional notification, with a final vote anticipated approximately 35 days following the expiration of the notification period,” says the bank’s press release on the loan.

When asked if Congress can veto the loan, Ex-Im Spokesman Cogan said, “No.”

The public-policy rationale for the $2.84 billion loan for the Colombian oil refinery project is the same as the rationale for all Export-Import Bank loans to foreign interests: to create jobs in the United States.

“The transaction will help create or sustain over 15,000 American jobs for a total of four years,” says the bank’s statement about the loan.

Spokesman Cogan says the bank calculates the jobs created or sustained by a loan or loan guarantee by using a formula that estimates how much money spent buying U.S. exports in a particular industry it takes to create a job.

If the $2.84 billion loan to Reficar to expand and upgrade its Colombian refinery creates or sustains the 15,000 jobs in the United States that the bank believes it will create or sustain that would work out to $189,333 per job.

According to the National Petrochemical & Refiners Association (NPRA), 95 percent of the gasoline purchased by U.S. consumers is refined inside the United States, meaning that expanding the gasoline refining capacity of Colombia is unlikely to have a significant impact on the supply of refined gasoline in the Untied States.

Also according to NPRA, the last time a new oil refinery was built in the United States was 1993, when a small facility was built in Valdez, Alaska.  The last time a new large oil refinery was built in the United States was 1976, says NPRA. Older U.S. refineries, however, have been upgraded and expanded in recent years.

Soul Crusher

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #16 on: April 28, 2011, 04:30:22 AM »
King Obama: Oil Companies "Making Enough Profit"
Wednesday, April 27, 2011 | Kristinn




CBS News' Mark Knoller reports via Twitter on Obama statement at one of the three New York City fundraisers he headlined this evening:

"They're making enough profit," says Obama of big oil companies, calling for their $4billion in tax breaks/subsidies to be eliminated.

Obama said "we can do a lot" with the $4-billlion in oil company tax breaks. Said US should invest in energy of the future, not the past.


________________________ ________________________ --


Funny - yet obama does not say the same thing about Petrobas or GE


 

GigantorX

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #17 on: April 28, 2011, 06:20:01 AM »
I really don't have much of a problem with the U.S. helping other, FRIENDLY, nations with tech/money/expertise in developing/exploiting large deposits of energy. So as long as the U.S. develops domestic sources as well at the same time. Make Brazil the next Saudi Arabia and eliminate S.A. and Venezuela from the list of people that hate us that we buy oil from.

Having the unelected anti-energy wackjobs at the EPA and this Admin. deny companies the ability to develop energy in the U.S. and then go and help other nations develop their own is not something I'm on board with.

Why does Obama want to increase our dependency on foreign oil sources? It makes no sense.

Soul Crusher

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #18 on: August 18, 2011, 06:19:23 AM »
Exxon, U.S. Government Duel Over Huge Oil Find
By RUSSELL GOLD


http://online.wsj.com/article/SB10001424053111903596904576514762275032794.html?mod=WSJ_hp_LEFTWhatsNewsCollection



Exxon Mobil Corp. is fighting with the U.S. government to keep control of one of its biggest oil discoveries ever, in a showdown where billions of dollars hang in the balance for both sides.

View Full Image

.The massive Gulf of Mexico discovery contains an estimated one billion barrels of recoverable oil, the company says. The Interior Department, which regulates offshore drilling, says Exxon's leases have expired and the company hasn't met the requirements for an extension. Exxon has sued to retain the leases.

The court battle is playing out at a time in which the Obama administration has made an issue of unused leases, which deprive the Treasury of valuable taxes. It also comes as regulators are being careful not to be seen as lax in their dealings with large energy companies in the wake of last year's BP PLC spill.

The stakes are high: Under federal law, the leases—and all the oil underneath—could revert to the government if Exxon doesn't win in court.

The loss of the leases would be an enormous black eye for Exxon. The company hadn't previously disclosed the size of the discovery in what is called the Julia field until it was mentioned in the suit Exxon filed against the Interior Department last week in federal court in Lake Charles, La.

The Texas behemoth faces the sobering prospect that it may have made the largest discovery ever in the Gulf of Mexico only to lose it. Tens of billions of dollars of oil could slip through its hands because it failed to follow federal rules for getting a lease extension while it moved forward with plans to get the oil out of the ground.

Exxon spokesman Patrick McGinn said the company expected to get the extension, which he said was traditionally granted as a matter of course. "You state your case and you got it. [This] was unexpected."

This high-stakes standoff is likely to spark a political, as well as legal, showdown between the federal government and the nation's largest oil company. It has also roped in Norway's Statoil ASA, which owns 50% of the Julia find. Statoil said it filed its own suit Monday in the same Louisiana federal court against the Interior Department to preserve the leases. Exxon is the field's operator and lease holder.

A spokeswoman for the Interior Department said, "Our priority remains the safe development of the nation's offshore energy resources, which is why we continue to approve extensions that meet regulatory standards."

The Interior Department, which oversees offshore oil development and collects royalties, has been trying to show that it has become a tougher, but still fair, regulator of the Gulf of Mexico's oil riches. Its reputation was battered during the massive Deepwater Horizon well blowout and oil spill last year, when BP sought—and the government approved—last-minute changes to the well design, which some investigators say contributed to a chaotic environment aboard the drilling rig. The government was roundly criticized for weak oversight of safety rules.

Now the department must decide whether to fight Exxon in court or settle and allow it to develop the oil. Turning the leases over to another company would mean further delays to the tax royalties that would go to government coffers. At current prices, potential royalties paid to the government over the lifetime of a one billion-barrel field would be about $10.95 billion.

The oil industry, led vocally by Exxon, has said that developing oil fields in the deepest reaches of the Gulf takes time to do safely. And by threatening to take away a massive discovery, the industry says that the government is sending the message that oil companies need to be in a rush to produce.

The possibility that Exxon could lose this oil will likely send shock waves through the industry. "This is unprecedented," said Amy Myers Jaffe, associate director of the Energy Program at Rice University in Houston. "The question is: Do our offshore rules allow for flexibility? You don't want to let companies sit on a discovery…We definitely don't want to send the industry a message that you need to be in a rush or we'll take the oil away from you."

Exxon's lawsuit said the government has granted "thousands" of extensions over time. It said the government's denial of its extension relied on legal interpretations that it "had never before applied and had never before articulated." Statoil asserted in its lawsuit that no request for an extension for a deep-water development "had ever previously been denied." The Interior Department couldn't comment on this.

The Exxon discovery is believed to be the largest in the Gulf of Mexico since BP found the Thunder Horse Field in 1999, and it could be larger. The find also cements the Gulf of Mexico as a rich exploration area with large amounts of undiscovered oil that may keep oil companies active for years to come.

"This is very deep water, very complex structures and difficult-to-produce oil," said Exxon's Mr. McGinn.

The dispute over Exxon's plans for the Julia field began in October 2008—about a month before its 10-year leases expired—when it applied for a five-year "suspension of production."

Such extensions are "fairly common," said Elmer P. Danenberger III, a former federal official who oversaw U.S. offshore-drilling rules until he retired in 2009.

"I can honestly say that people who manage that program are really strict, which they need to be or it will be abused. If you don't have a commercial discovery and a plan for moving ahead at the end of the lease term…that's it."

In February 2009, the government denied Exxon's request for an extension and after a brief appeal denied it again that April. Exxon said in a letter at the time that it was "committed" to producing the oil, but the government said it didn't present a specific plan. The government contended this didn't meet legal requirements and denied the application.

More appeals followed, but Exxon lost its final appeal in May. The final decision hinged on whether Exxon had a concrete "commitment" to produce the oil in December 2008, when its lease expired. The director of the Office of Hearings and Appeals at the Interior Department ruled that it didn't.

Exxon is known in the industry for moving slowly and studying all options exhaustively before committing billions of dollars. But even if it loses this court case, all might not be lost. The Julia field consists of five leases—or square blocks in the Gulf of Mexico—and only three are being disputed. The other two aren't set to expire until 2013.

—Deborah Solomon

and Angel Gonzalez contributed to this article.
Write to Russell Gold at russell.gold@wsj.com


Soul Crusher

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Re: Obama Loans Billions to Brazilian Oil Company Owned By Soros
« Reply #19 on: January 20, 2012, 09:42:45 AM »
Bump for Team Traitor.