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Important Total, Premier Report (r)



Of coures, as you can see from the 1998 US Gov. report: "Because the GOB
tightly controls access to
Burma, documentary and eye-witness evidence is limited. The failure of
the GOB to grant visas to a
joint DOL/State Department research team also interfered with the
ability to gather information
within Burma and assess the credibility of data. "


WHEREAS THE FRENCH HAVE RECEIVED SPECIAL VIP TREATMENT SO WE SHOULD
EXPECT SOME VERY INTERESTING FINDINGS. WE WILL ALL BE WATCHING
CAREFULLY.

Michel Diricq wrote:
> 
> W. Kesavatana-Dohrs is well informed but the Belgian website WILL publish
> soon the accounts of TOTAL in Burma.
> 
> Please, wait for a few days and THEN, you will be able to read these
> accounts with a longer comment in French.
> 
> The adress of this website is
> 
> http://users.skynet.be/vero.michel/birma.html
> 
> Michel
> 
> >From: "W. Kesavatana-Dohrs" <dohrs@xxxxxxxxxxxxxxxx>
> >To: burmanet-l@xxxxxxxxxxx
> >CC: MAYKHA-L@xxxxxxxxxxxxxxxxxxxx
> >Subject: Important Total, Premier Report
> >Date: Wed, 13 Oct 1999 07:03:10 -0700 (PDT)
> >
> >This carefully researched material clarifies some of the allegations of
> >direct financial support for the Burmese junta by oil companies, and also
> >illustrates the fuzzy accounting methods that have obscured the facts.  It
> >should be read in connection with the reports of direct payments to
> >military overseers of forced labor, that were detailed in the US Dept. of
> >Labor report on labor practices in Burma, which can be found at:
> >http://www.dol.gov/dol/ilab/public/media/reports/ofr/burma/main.htm
> >
> >
> >
> >From: Michel Diricq <michel3392@xxxxxxxxxxx>
> >********************************************************************
> >
> >GAS MONEY
> >
> >The Belgian web site supporting Burmese democrats is presently publishing
> >the accounts of the sub-companies of TOTALFINA in Burma. The source is a
> >French legal paper, "Les Petites Affiches", as these sub-companies
> >are registered in France and consequently are obliged to publish their
> >accountings. A couple of scoops are included in these publications.
> >
> >Here is the translation of part of the analysis of the accounts.
> >
> >
> >**********************************************************************
> >http://users.skynet.be/vero.michel/birma.html
> >
> >Notes on the accounts of TOTAL in Burma
> >
> >Source: "Les Petites affiches", dated 30/06/1993, 29/06/1994, 12/07/1995,
> >08/07/1996, 09/07/1997, 20/07/98  and 09/08/1999.
> >
> >A French legal paper, "Les Petites Affiches", has just published
> >on August 9 , the accounts of three sub-companies of TOTALFINA in Burma :
> >Total Myanmar Exploration and Production (TMEP), Total Profils Petroliers
> >(TPP) and Total Myanmar Power and Fertilizers (TMPF) . The object of TMEP
> >is
> >the exploration and production of the Yadana gas, and the construction of
> >the pipeline to Thailand. TPP is managing the pipeline built by TMEP ; for
> >example, this sub-company has paid the assurance premiums (FFr10m, $US1.7m,
> >in 98). TMPF shares the responsibility of another officially stopped
> >project,, the "3 in 1 Project",  whose planned object is the construction
> >(and may be the management),of another pipeline to Rangoon, of a fertilizer
> >plant and a power plant for the fertilizer production unit.
> >
> >TOTAL MONEY
> >
> >The most interesting point is that the accounting of TMEP is including an
> >account whose title is "Advances to MOGE " (in French, "Avances a MOGE ").
> >In 1992, 1993 and 1994, "Avances to MOGE"  was another denomination of the
> >"Works paid for other partners" account ("Travaux financés pour le compte
> >de
> >tiers" in French), TOTAL may usually advance money to its partners but, in
> >the Yadana project, the problem is that TOTAL has advanced money to
> >partners
> >guilty of forced labor, drug production and traffic.
> >-----------------------------------------------------------------
> >"Avances to MOGE" (in French Francs, 6 FFr = 1US$) : Year 1992 : 34 696
> >693,44 // Year 1993 : 112 287 943,14 // Year 1994 : 143 480979,12
> >-----------------------------------------------------------------
> >The words "Advances to MOGE" disappeared still 1995, but the account "Works
> >paid for other partners" was still mentioned.
> >
> >-----------------------------------------------------------------
> >"Works paid for other partners" (in French Francs) : Year 1992 : 34 696
> >693,44 // Year 1993 : 112 287 943,14 // Year 1994 : 143 480979,12 // Year
> >1995 : 199 308 293 // Year 1996 : 365 512 648 Year 1996 :  365 512 648  //
> >Year 1997 : 744 992 362 // Year 1998 : 916 375 948
> >-----------------------------------------------------------------
> >
> >A BIG DEBT
> >
> >Today, the Yadana project is accounted as a debt which will be paid by the
> >sale of gas : FFr1 067 million comparing to FFr 114 m of global assets.
> >According to the annex of the accounts, the financing of this debt has been
> >realized by the parent company, TOTAL S.A. and by another sub-company,
> >TOTAL
> >FINANCE.
> >
> >The three sub-companies are indebted, including TOTAL MYANMAR POWER &
> >FERTILERS, though the "3 in 1" project has been officially stopped for a
> >couple of years. The present debt of the "3 in 1" project could amount FFr
> >75m ($US15m) mainly because of the payment of participation titles whose
> >destination is not mentioned.
> >
> >Concerning Premier Oil and the Yetagun gas project, we know that this
> >British company has advanced money to the MOGE but the publication of 1998
> >accounting has just revealed that the MOGE paid back part of its debt
> >before
> >the beginning of the gas sale to Thailand.
> >
> >Source : "Premier Oil report & accountings 1998 "
> >"Notes to the accounts for the year to 31 December 1998, p. 54
> >
> >"25 Post balance sheet events
> >
> >a) Arrangements for the funding of the Company's development commitments
> >in
> >Myanmar were concluded in March 1999. This financing will provide all of
> >Premier's share of the estimated costs of the development which is
> >expected
> >to be finished in early 2000. Completion results in Premier receiving £77
> >million, of which £56 million relates to expenditure incurred prior to 31
> >December 1998. This expenditure was classified as fixed assets at 31
> >December 1998. The remaining estimated development expenditure will be
> >financed by additional drawings under the facility. The financing is
> >secured
> >on the assets of Premier Petroleum Myanmar Limited (PPML) the Company's
> >subsidiary in Myanmar, and on a parent company guarantee of $10 million
> >covering cost overruns prior to the completion of the development stage.
> >The
> >funding is by way of discounted zero coupon bonds with an interest accrual
> >rate equivalent to LIBOR plus 550 basis points and has been raised by a
> >joint venture company. In addition, the Company has agreed changes to the
> >convenants and to the terms of the Senior Notes and the Corporate Credit
> >Facility which are likely to increase net interest cost by around £1.2
> >million in a full year.
> >
> >b) On 31 January 1999 the Myanmar Oil and Gas Enterprise exercised its
> >right
> >to acquire a 15 % share to the Yetagun development. This resulted in a cash
> >receipt by Premier of £17.3 million, being a reimbursement of costs already
> >incurred since the beginning of the development phase. "
> >
> >Premier Oil is presently financing its debts by selling part of its shares
> >to other oil corps : PETRONAS of Malaysia and  AMERADA HESS of US ; these
> >two corps will invest money in the Asian projects of PREMIER OIL.
> >
> >NO RESERVE FOR RISKS
> >
> >Shortly speaking, another "surprise"  included in the accounts of TOTAL
> >sub-companies is that these three firms did not retain reserve for risks.
> >In
> >fact reserves for risks would have increased the debts of the 3
> >sub-companies, and would have decreased the global result of TOTAL S.A.
> >During the very last take over of TOTALFINA targeting ELF AQUITAINE, the
> >chairman of ELF told in the press that the accountings of TOTAL was not
> >rendering a rigorous analysis of the real situation of TOTAL.
> >*****************************
> >
> >
> >
> 
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