Statoil’s Chief Executive Olav Fjell resigned on Tuesday, September 23, 2003, after he was accused of bribing Iranian officials while seeking to expand company operations in the Islamic Republic.
Allegations against Fjell involve a $15 million deal signed between Statoil and small consultancy firm Horton Investments, reported AP. According to Norwegian media, Horton is run by Abbas Yazdi, a man closely linked with director of the National Iranian Oil Company (NIOC) Mehdi Hashemi Rafsanjani, also the son of the former Iranian President Akbar Hashemi Rafsanjani. He denies receiving any money from Statoil or Horton Investments.
Fjell broke the Horton contract last week and Statoil's head of international exploration and productions, Richard J. Hubbard, resigned at the same time. Norway's economic crime unit Oekokrim raided Statoil’s headquarters in Stavanger, seeking evidence to determine whether the contract involved corruption.
Statoil and Iran's Petropars signed a participation agreement last year, giving the Norwegian company a share of up to 40 percent in, and the operatorship for, the offshore part of phases six, seven and eight of the South Pars gas development project in the Persian Gulf.
Norway’s Statoil is one of the world's largest net sellers of crude oil, and a substantial supplier of natural gas to Europe. Statoil was founded in 1972 and is currently 82 percent owned by the government. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
