The Mudcat Café TM
Thread #102153   Message #2080281
Posted By: jeffp
18-Jun-07 - 04:53 PM
Thread Name: Kennedy Airport Story
Subject: RE: Kennedy Airport Story
So you believe that all of the population of Sudan are entitled to the proceeds of the oil sales? What percentage of the proceeds? Is the oil in the ground owned by the people as a whole? Or is it owned by individuals?

I assume that if the oil is nationalized, then the proceeds go to the government, which is then responsible for what happens to it. I seriously doubt that the western oil companies have anything to do with what happens to it after they pay it.

If the oil is owned by individuals, as it is in the US in most cases (I'm using individuals in the broad sense to include corporate entities), then those individuals will do what they wish with the proceeds, as mineral rights owners do here. This, again, is not under the control of the oil companies.

I don't know the status of the oil in the ground in Sudan. I wouldn't be surprised if it was all owned by the government and that oil revenues were mostly lost to official corruption. However, I don't really see what the oil companies that buy the oil can do about it. Any ideas?