Transocean’s Burma oil affair

This is a video from the USA of the of Transocean/BP rig burning.

BP is not just involved in the Gulf of Mexico oil spill scandal … also in this one … and this one ..

The ecological bloodbath along the US Gulf coast is also not the only scandal for Transocean.

From Mizzima (“Specialized in Burma Related News and Multimedia”):

Transocean drilled in Burmese waters linked to drug lord

Thursday, 27 May 2010 20:01

Thomas Maung Shwe

Chiang Mai (Mizzima) – Swiss-American firm Transocean, presently embroiled in the BP Gulf of Mexico disaster, did exploratory drilling last autumn in Burmese waters owned by a partnership between a Chinese state-run energy company and a firm owned by Stephen Law, a junta crony alleged by the US to be a major drug-money launderer, according to corporate filings with the US stock market regulator.

Stephen Law, (a.k.a. Tun Myint Naing), his Singaporean wife and his “narco warlord” father are on the US Treasury Department’s Office of Foreign Assets Control’s (OFAC) blacklist, officially called the Specially Designated Nationals (SDN) list. All three are also on a similar European travel ban and sanctions lists.

The SDN blacklist targets the Burmese junta’s senior leadership, its cronies and the financial networks that continue to support the military dictatorship. The US Treasury website states that when an individual, firm or other entity is added to the sanctions list “any assets the designees may have subject to US jurisdiction are frozen, and all financial and commercial transactions by any US person with the designated companies and individuals are prohibited”.

Transocean International’s corporate 8-K filing to the US Securities and Exchance Commission on November 2 last year shows that Chinese state-run energy company CNOOC hired Transocean’s semi-submersible Actinia, a Panamanian registered drilling rig, to operate in Burma from last October to December. An 8-K form is the “current report” companies must file with the US market regulator to announce major events that shareholders should know about. The 82-metre-long, 78-metre-wide rig was hired at a daily rate of US$206,000. Transocean could not be reached for comment.

According to the CNOOC website, all of the firm’s stakes in Burma’s gas industry are held in partnership with China Focus Development (formerly known as Golden Aaron) and China Global Construction, with CNOOC as the operator. China Focus Development is a privately owned Singapore-registered firm whose sole shareholders are Stephen Law and his wife Ng Sor Hong (a.k.a. Cynthia Ng). The US and EU sanctions list show Ng Sor Hong to be chief executive of the firm, which is also among more than a dozen companies controlled by Law on the OFAC blacklist of banned Burma-related entities.

2 thoughts on “Transocean’s Burma oil affair

  1. Pingback: Romney outsourced Olympic uniforms to Burma dictatorship | Dear Kitty. Some blog

  2. Pingback: BP’s criminal pollution fine | Dear Kitty. Some blog

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