Saturday, July 23, 2005

What was Plame's Front Company's Relationship with Arab Oil?

This is from a year-old report in "From the Wilderness" with reporting help from Wayne Madsen. So caveat emptor. It does, however, correspond with current revelations in the Rove scandal.
According to an April 29, 2002 report in Britain's Guardian, ARAMCO constitutes 12% of the world's total oil production; a figure which has certainly increased as other countries have progressed deeper into irreversible decline.
ARAMCO is the largest oil group in the world, a state-owned Saudi company in partnership with four major US oil companies. Another one of Aramco’s partners is Chevron-Texaco which gave up one of its board members, Condoleezza Rice, when she became the National Security Advisor to George Bush. All of ARAMCO’s key decisions are made by the Saudi royal family while US oil expertise, personnel and technology keeps the cash coming in and the oil going out. ARAMCO operates, manages, and maintains virtually all Saudi oil fields – 25% of all the oil on the planet.
It gets better.
According to a New York Times report on March 8th of this year, ARAMCO is planning to make a 25% investment in a new and badly needed refinery to produce gasoline. The remaining 75% ownership of the refinery will go to the only nation that is quickly becoming America's major world competitor for ever-diminishing supplies of oil: China.
Almost the entire Bush administration has an interest in ARAMCO.
The Boston Globe reported that in 2001 ARAMCO had signed a $140 million multi-year contract with Halliburton, then chaired by Dick Cheney, to develop a new oil field. Halliburton does a lot of business in Saudi Arabia. Current estimates of Halliburton contracts or joint ventures in the country run into the tens of billions of dollars.
So do the fortunes of some shady figures from the Bush family's past.
As recently as 1991 ARAMCO had Khalid bin Mahfouz sitting on its Supreme Council or board of directors. Mahfouz, Saudi Arabia's former treasurer and the nation's largest banker, has been reported in several places to be Osama bin Laden's brother in law. However, he has denied this and brought intense legal pressure to bear demanding retractions of these allegations. He has major partnership investments with the multi-billion dollar Binladin Group of companies and he is a former director of BCCI, the infamous criminal drug-money laundering bank which performed a number of very useful services for the CIA before its 1991 collapse under criminal investigation by a whole lot of countries.
As Saudi Arabia's largest banker he handles the accounts of the royal family and - no doubt - ARAMCO, while at the same time he is a named defendant in a $1 trillion lawsuit filed by 9/11 victim families against the Saudi government and prominent Saudi officials who, the suit alleges, were complicit in the 9/11 attacks.
Both BCCI and Mahfouz have historical connections to the Bush family dating back to the 1980s. Another bank (one of many) connected to Mahfouz - the InterMaritime Bank - bailed out a cash-starved Harken Energy in 1987 with $25 million. After the rejuvenated Harken got a no-bid oil lease in 1991, CEO George W. Bush promptly sold his shares in a pump-and-dump scheme and made a whole lot of money.
Knowing all of this, there's really no good reason why the CIA should be too upset, is there? It was only a long-term proprietary and deep-cover NOC - well established and consistently producing "take" from ARAMCO (and who knows what else in Saudi Arabia). It was destroyed with a motive of personal vengeance (there may have been other motives) by someone inside the White House.
From the CIA's point of view, at a time when Saudi Arabia is one of the three or four countries of highest interest to the US, the Plame operation was irreplaceable.

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