Roger Tamraz: Difference between revisions
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'''Roger Edward Tamraz''' ([[Arabic]]: '''روجيه تمرز''') is an international banker and venture capital investor who has had an active business career in oil and gas in the [[Middle East]], [[Europe]], [[Asia]] and the [[United States]] since the early 1960s. He is the billionaire chairman of the [[Dubai, UAE]]-based petroleum energy firm [[NetOil]].<ref>{{Cite news |date=2022-08-04 |title=Petroteq Executes LOI for License Agreements |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/press-releases/2022-08-04/petroteq-executes-loi-for-license-agreements |access-date=2022-09-05}}</ref><ref>{{Cite web |title=Roger Edward Tamraz – Netoil |url=https://netoilinc.com/ltd/roger-edward-tamraz-chairman-of-the-board/ |access-date=2022-09-05 |language=en-US}}</ref><ref>{{Cite news |date=2012-11-06 |title=CORRECTED (OFFICIAL) UPDATE 3-NetOil, Libya show interest for French refinery |language=en |work=Reuters |url=https://www.reuters.com/article/france-refinery-strike-idUKL5E8M51JS20121106 |access-date=2022-09-05}}</ref> |
'''Roger Edward Tamraz''' ([[Arabic]]: '''روجيه تمرز''') is an international banker and venture capital investor who has had an active business career in oil and gas in the [[Middle East]], [[Europe]], [[Asia]] and the [[United States]] since the early 1960s. He is the billionaire chairman of the [[Dubai, UAE]]-based petroleum energy firm [[NetOil]].<ref>{{Cite news |date=2022-08-04 |title=Petroteq Executes LOI for License Agreements |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/press-releases/2022-08-04/petroteq-executes-loi-for-license-agreements |access-date=2022-09-05}}</ref><ref>{{Cite web |title=Roger Edward Tamraz – Netoil |url=https://netoilinc.com/ltd/roger-edward-tamraz-chairman-of-the-board/ |access-date=2022-09-05 |language=en-US}}</ref><ref>{{Cite news |date=2012-11-06 |title=CORRECTED (OFFICIAL) UPDATE 3-NetOil, Libya show interest for French refinery |language=en |work=Reuters |url=https://www.reuters.com/article/france-refinery-strike-idUKL5E8M51JS20121106 |access-date=2022-09-05}}</ref> |
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Tamraz is featured in the book ''[[See No Evil (Baer book)|See No Evil]]'',<ref>{{Cite book |last=Baer |first=Robert |url=https://www.worldcat.org/oclc/48557610 |title=See no evil : the true story of a ground soldier in the CIA's war on terrorism |date=2002 |publisher=Crown Publishers |isbn=0-609-60987-4 |edition=1st |location=New York |oclc=48557610}}</ref> which loosely inspired the film [[Syriana]].<ref>{{Cite news |last=Halbfinger |first=David M. |date=2005-05-15 |title=Hollywood Has a New Hot Agency |language=en-US |work=The New York Times |url=https://www.nytimes.com/2005/05/15/movies/hollywood-has-a-new-hot-agency.html |access-date=2022-09-05 |issn=0362-4331}}</ref> |
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==Early life and education== |
==Early life and education== |
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Born |
Born 1940 in [[Cairo]], [[Egypt]] to an [[Assyrian people|Assyrian]] family from [[Lebanon]] with roots in the [[Jazira Region|Syrian Jazira]] region and the adjacent [[Nineveh Governorate|Mosul region]] of Iraq.<ref>{{Cite web|title=Tamraz – Family – Netoil Inc Ltd.|url=https://netoilinc.com/ltd/tamraz-family/|language=en-US|access-date=2020-05-27}}</ref> His mother, Margaret Dayoub, was [[Syrians|Syrian]].<ref>(Page 81) https://lb.boell.org/sites/default/files/fawaz_english_draft.pdf</ref><ref>{{Cite book |last1=السياسات |first1=المركز العربي للأبحاث ودراسة |url=https://books.google.com/books?id=Hk8aEAAAQBAJ&dq=%D8%B1%D9%88%D8%AC%D9%8A%D9%87+%D8%AA%D9%85%D8%B1%D8%B2+%D8%A7%D9%85+%D8%B3%D9%88%D8%B1%D9%8A%D8%A9&pg=PA115 |title=الهجرة وتشكل النخبة السياسية في لبنان |last2=طبر |first2=بول |last3=معلوف |first3=وهيب |date=2020-01-01 |publisher=المركز العربي للأبحاث ودراسة السياسات |isbn=978-614-445-371-1 |language=ar}}</ref> Tamraz grew up speaking fluent English, French and Arabic. His early schooling was at the prestigious English School in Cairo. He subsequently attended the [[American University in Cairo]], [[Cambridge University]] in a Ph.D. programme, and the Institut Européen d’Administration ([[INSEAD]]) in [[Fontainebleau]], [[France]]. He received an [[MBA]] in 1966 from [[Harvard Business School]], where his classmates included many future leaders in Western and international governments and businesses. |
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<ref name= "New York Daily News">New York Daily News, March 27, 1981</ref><ref name="Fortune">Fortune, November 1973</ref> |
<ref name= "New York Daily News">New York Daily News, March 27, 1981</ref><ref name="Fortune">Fortune, November 1973</ref> |
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Tamraz's first notable business enterprise was in 1967, when as an executive of the [[Wall Street]] investment bank [[Kidder, Peabody & Co.]], he successfully refloated a large Lebanese bank called [[Intra Bank]], which had become insolvent in 1966. The bank had been founded in [[Beirut, Lebanon|Beirut]] in 1951 by [[Yousef Beidas]] and three partners as a currency trading house named [[International Traders]]. The bank stopped payments on October 14, 1966. The collapse of the bank brought the Lebanese economy to a halt and sent shockwaves throughout the [[Middle East]]. [[Intra Bank]] accounted for 15% of total bank deposits and 38% of all deposits with Lebanese-owned banks. It owned nine other banks, controlled 35 companies and employed 43,000 people at the time of its collapse.<ref name="Time">{{Cite magazine |date=1966-10-28 |title=Middle East: The Day the Doors Closed |language=en-US |magazine=Time |url=https://content.time.com/time/subscriber/article/0,33009,899391,00.html |access-date=2022-09-03 |issn=0040-781X}}</ref><ref name="Time2">{{Cite magazine |date=1966-11-25 |title=Middle East: How They Broke the Bank |language=en-US |magazine=Time |url=https://content.time.com/time/subscriber/article/0,33009,843132,00.html |access-date=2022-09-03 |issn=0040-781X}}</ref> |
Tamraz's first notable business enterprise was in 1967, when as an executive of the [[Wall Street]] investment bank [[Kidder, Peabody & Co.]], he successfully refloated a large Lebanese bank called [[Intra Bank]], which had become insolvent in 1966. The bank had been founded in [[Beirut, Lebanon|Beirut]] in 1951 by [[Yousef Beidas]] and three partners as a currency trading house named [[International Traders]]. The bank stopped payments on October 14, 1966. The collapse of the bank brought the Lebanese economy to a halt and sent shockwaves throughout the [[Middle East]]. [[Intra Bank]] accounted for 15% of total bank deposits and 38% of all deposits with Lebanese-owned banks. It owned nine other banks, controlled 35 companies and employed 43,000 people at the time of its collapse.<ref name="Time">{{Cite magazine |date=1966-10-28 |title=Middle East: The Day the Doors Closed |language=en-US |magazine=Time |url=https://content.time.com/time/subscriber/article/0,33009,899391,00.html |access-date=2022-09-03 |issn=0040-781X}}</ref><ref name="Time2">{{Cite magazine |date=1966-11-25 |title=Middle East: How They Broke the Bank |language=en-US |magazine=Time |url=https://content.time.com/time/subscriber/article/0,33009,843132,00.html |access-date=2022-09-03 |issn=0040-781X}}</ref> |
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The collapse was followed by its restructuring, under a plan known as the “Kidder Peabody Plan,” which was engineered by Tamraz (who served for years as its chairman and chief executive officer), under which the deposit obligations of the old Intra Bank were replaced with shares in a new company named Intra Investment Company (IIC), one of the major sovereign wealth investment companies in the [[Middle East]]. The major shareholders of IIC were the Lebanese government, along with the governments of [[Kuwait]], [[Qatar]] and the [[United States]], all of which had been major depositors in the former bank. IIC remained a major shareholder in key institutions such as [[Middle East Airlines]] (Tamraz was the Vice Chairman of the airline for a number of years, with special responsibility for its finances, banking relationships and aircraft purchases), [[Casino du Liban]] and Bank Al |
The collapse was followed by its restructuring, under a plan known as the “Kidder Peabody Plan,” which was engineered by Tamraz (who served for years as its chairman and chief executive officer), under which the deposit obligations of the old Intra Bank were replaced with shares in a new company named Intra Investment Company (IIC), one of the major sovereign wealth investment companies in the [[Middle East]]. The major shareholders of IIC were the Lebanese government, along with the governments of [[Kuwait]], [[Qatar]] and the [[United States]], all of which had been major depositors in the former bank. IIC remained a major shareholder in key institutions such as [[Middle East Airlines]] (Tamraz was the Vice Chairman of the airline for a number of years, with special responsibility for its finances, banking relationships and aircraft purchases), [[Casino du Liban]] and [[Mashreq (bank)|Bank Al Mashreq]], which carried out the remaining banking operations. Kidder Peabody continued to advise the board of IIC until 1973 under an advisory contract, at which time the relationship was discontinued.<ref name= "Time3">{{Cite magazine |date=1967-10-20 |title=Banking: Rescue in Beirut |language=en-US |magazine=Time |url=https://content.time.com/time/subscriber/article/0,33009,902147,00.html |access-date=2022-09-03 |issn=0040-781X}}</ref><ref name= "Time4">{{Cite magazine |date=1968-01-05 |title=Banking: Reopening at Intra |language=en-US |magazine=Time |url=https://content.time.com/time/subscriber/article/0,33009,712098,00.html |access-date=2022-09-03 |issn=0040-781X}}</ref><ref name= "Newsweek">Newsweek, February 10, 1975</ref> |
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After leaving [[Intra Bank]] in the early 1970s, Tamraz continued his investment banking activities, dealing with most major companies and governments in the area. His early background gave him an unusual ability to bridge East and West, while his educational background and fluency in Arabic quickly made him a trusted banker and adviser throughout the [[Middle East]]. Tamraz leveraged his close connections with President of Lebanon [[Amine |
After leaving [[Intra Bank]] in the early 1970s, Tamraz continued his investment banking activities, dealing with most major companies and governments in the area. His early background gave him an unusual ability to bridge East and West, while his educational background and fluency in Arabic quickly made him a trusted banker and adviser throughout the [[Middle East]]. Tamraz leveraged his close connections with President of Lebanon [[Amine Gemayel]] to grow his financial success during the 1980s.<ref>{{Cite journal |last=Owen |first=Roger |date=2005 |title=Review of Warlords and Merchants: The Lebanese Business and Political Establishment |url=https://www.jstor.org/stable/24453410 |journal=The Historian |volume=67 |issue=4 |pages=740–741 |jstor=24453410 |issn=0018-2370}}</ref> |
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Working with the government of [[Kuwait]], he reorganized Gulf Fisheries, a company with over 200 ocean-going fishing vessels worldwide, and supervised and priced its takeover by the Kuwaiti government. At the same time, he also worked with [[Egypt Air]] and the Egyptian government to completely re-equip the airline’s fleet with new Boeing passenger aircraft.<ref name="Fortune"/><ref name="Newsweek"/> |
Working with the government of [[Kuwait]], he reorganized Gulf Fisheries, a company with over 200 ocean-going fishing vessels worldwide, and supervised and priced its takeover by the Kuwaiti government. At the same time, he also worked with [[Egypt Air]] and the Egyptian government to completely re-equip the airline’s fleet with new Boeing passenger aircraft.<ref name="Fortune"/><ref name="Newsweek"/> |
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Tamraz acquired ownership of |
Tamraz acquired ownership of {{ill|Chantiers Navals de la Ciotat|fr|Chantier naval de La Ciotat}} (CNC), the second-largest shipyard in [[France]], in the early 1970s. This company was one of the early pioneers in the construction of LNG vessels for oceangoing natural gas transport, and also specialized in submarines, patrol boats and other military platforms. In addition, the yard constructed very large crude carriers (VLCC5) and conventional bulk cargo vessels for the civilian maritime industry. |
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In the 1970s, Tamraz conceived, financed and built the well-known {{convert|200|mi|km|adj=on}} long [[Sumed pipeline|Suez-Mediterranean (SUMED) Pipeline]] in [[Egypt]], considered as “one of the world’s greatest engineering feats”, a [[Pipeline transport|pipeline]] designed to run parallel to the blocked [[Suez Canal]], which had been closed since the 1967 Arab-Israeli war. Using [[Bechtel]] Corporation as prime contractor, the pipeline, which comprises two parallel 42-inch lines, was opened in 1978 with a capacity of {{convert|1.6|Moilbbl/d|m3/d}}. Completion of an additional pumping station in 1994 increased capacity to its current {{convert|2.5|Moilbbl/d|m3/d}}.<ref name="Fortune"/><ref name="Newsweek"/> |
In the 1970s, Tamraz conceived, financed and built the well-known {{convert|200|mi|km|adj=on}} long [[Sumed pipeline|Suez-Mediterranean (SUMED) Pipeline]] in [[Egypt]], considered as “one of the world’s greatest engineering feats”, a [[Pipeline transport|pipeline]] designed to run parallel to the blocked [[Suez Canal]], which had been closed since the 1967 Arab-Israeli war. Using [[Bechtel]] Corporation as prime contractor, the pipeline, which comprises two parallel 42-inch lines, was opened in 1978 with a capacity of {{convert|1.6|Moilbbl/d|m3/d}}. Completion of an additional pumping station in 1994 increased capacity to its current {{convert|2.5|Moilbbl/d|m3/d}}.<ref name="Fortune"/><ref name="Newsweek"/> |
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In 1976, Tamraz moved into [[United States]] financial markets with his acquisition of [[Bank of the Commonwealth (Michigan)|Bank of the Commonwealth]], a [[Michigan]]-based bank with 50 branches. He strengthened and expanded the bank until 1983, when it was merged into the founding of [[Comerica]], Inc., now one of the largest super-regional U.S. bank holding companies. The merger made Tamraz the largest single shareholder in [[Comerica]] at the time, before selling out to finance the [[Tamoil]] acquisition described below. [[Comerica]] currently has assets of $64 billion and a market capitalization of $5.6 billion.<ref name= "New York Times">New York Times, May 4, 1978</ref> |
In 1976, Tamraz moved into [[United States]] financial markets with his acquisition of [[Bank of the Commonwealth (Michigan)|Bank of the Commonwealth]], a [[Michigan]]-based bank with 50 branches. He strengthened and expanded the bank until 1983, when it was merged into the founding of [[Comerica]], Inc., now one of the largest super-regional U.S. bank holding companies. The merger made Tamraz the largest single shareholder in [[Comerica]] at the time, before selling out to finance the [[Tamoil]] acquisition described below. [[Comerica]] currently has assets of $64 billion and a market capitalization of $5.6 billion.<ref name= "New York Times">New York Times, May 4, 1978</ref> |
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By the early 1980s, Tamraz became the 100% owner of the Meurice Hotel Group in [[Paris]], which owned the Meurice ([[Hôtel Meurice]], |
By the early 1980s, Tamraz became the 100% owner of the Meurice Hotel Group in [[Paris]], which owned the Meurice ([[Hôtel Meurice]], {{ill|Prince de Galles|fr|Hôtel Prince de Galles}} and Grand Hotels, as well as the famed [[Cafe de la Paix]]. At the time, the 1,000 rooms of these three hotels comprised 25% of all the luxury hotel rooms in [[Paris]]. The properties were sold to Grand Metropolitan Hotel Corporation of London in the mid-1980s. |
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In 1986-1987, during the [[Lebanese Civil War]], Tamraz cooperated with Lebanese forces to construct an airport in [[Halat, Lebanon|Halat]].<ref>{{Cite book |last=Picard |first=Elizabeth |title=War, Institutions, and Social Change in the Middle East |chapter-url=https://www.degruyter.com/document/doi/10.1525/9780520925229-011/html |chapter=10. The Political Economy of Civil War in Lebanon |date=2000-12-01 |pages=292–322 |publisher=University of California Press |isbn=978-0-520-92522-9 |language=en |doi=10.1525/9780520925229-011|s2cid=242353910 }}</ref> |
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Also during the 1980s, Tamraz founded and built Europe’s [[Tamoil]] Corporation by purchasing and combining all of the Italian assets of [[Amoco]] (Standard Oil Company of Indiana) and of [[Texaco]] Corporation (1,000 service stations each). Prior to selling, he expanded the company to 3,000 service stations, three refineries, an extensive [[Pipeline transport|pipeline]] distribution system and a refining capacity of {{convert|250000|oilbbl|m3}} of oil per day. Tamoil today has annual sales of $20 billion and a market capitalization of $6.3 billion. |
Also during the 1980s, Tamraz founded and built Europe’s [[Tamoil]] Corporation by purchasing and combining all of the Italian assets of [[Amoco]] (Standard Oil Company of Indiana) and of [[Texaco]] Corporation (1,000 service stations each). Prior to selling, he expanded the company to 3,000 service stations, three refineries, an extensive [[Pipeline transport|pipeline]] distribution system and a refining capacity of {{convert|250000|oilbbl|m3}} of oil per day. Tamoil today has annual sales of $20 billion and a market capitalization of $6.3 billion. |
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In the early 1990s, after the Soviet Union loosened its grip on [[Central Asia]], Tamraz was the originator of the {{convert|1,100|mi|km|adj=on}} Baku-Ceyhan ([[Baku-Tbilisi-Ceyhan pipeline]]) considered as “one of the great engineering endeavours”, an oil pipeline project, to move {{convert|1|Moilbbl/d|m3/d}} of [[Caspian Sea]] oil to the [[Mediterranean Sea]] and thus to world markets. Tamraz managed to obtain support for the proposed pipeline from Turkmen President Niyazov, Azerbaijan's President [[Heydar Aliyev]], and Turkey's Prime Minister, [[Tansu Çiller]], and Turkey's Botas company. Tamraz's companies negotiated and signed the original pipeline right-of-way transit agreement with the Government of [[Turkey]]. This agreement was essential to the success of the project, which was eventually completed by [[BP]] after its purchase of [[Amoco]], with which Tamraz had been cooperating in the Central Asian area. During this period, Tamraz acquired equity ownership positions in [[Turkmenistan]]’s Blocks I and II two of that country’s major oil and gas producing properties. These fields have reserves of {{convert|13|e12cuft|km3}} of gas and {{convert|700|Moilbbl|m3}} of oil, with 1,400 working wells, and currently produce two billion cubic feet per day of natural gas.<ref name= "Business Week">Business Week, July 17, 1995</ref> |
In the early 1990s, after the Soviet Union loosened its grip on [[Central Asia]], Tamraz was the originator of the {{convert|1,100|mi|km|adj=on}} Baku-Ceyhan ([[Baku-Tbilisi-Ceyhan pipeline]]) considered as “one of the great engineering endeavours”, an oil pipeline project, to move {{convert|1|Moilbbl/d|m3/d}} of [[Caspian Sea]] oil to the [[Mediterranean Sea]] and thus to world markets. Tamraz managed to obtain support for the proposed pipeline from Turkmen President Niyazov, Azerbaijan's President [[Heydar Aliyev]], and Turkey's Prime Minister, [[Tansu Çiller]], and Turkey's Botas company. Tamraz's companies negotiated and signed the original pipeline right-of-way transit agreement with the Government of [[Turkey]]. This agreement was essential to the success of the project, which was eventually completed by [[BP]] after its purchase of [[Amoco]], with which Tamraz had been cooperating in the Central Asian area. During this period, Tamraz acquired equity ownership positions in [[Turkmenistan]]’s Blocks I and II two of that country’s major oil and gas producing properties. These fields have reserves of {{convert|13|e12cuft|km3}} of gas and {{convert|700|Moilbbl|m3}} of oil, with 1,400 working wells, and currently produce two billion cubic feet per day of natural gas.<ref name= "Business Week">Business Week, July 17, 1995</ref> |
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Roger Tamraz’s Netoil group of companies has been in discussions with [[Libya]] to buy back [[Tamoil]]<ref>{{cite news | last = Hosenball | first = Mark | url =https://www.reuters.com/article/us-libya-gaddafi-idUSTRE72N87E20110324 | title =Gaddafi's entourage sends out secret peace feelers | newspaper = Reuters | date = 24 March 2011 | accessdate = January 3, 2013 }}</ref><ref>{{cite news | last = Hosenball | first = Mark | url =https://www.reuters.com/article/us-libya-gaddafi-businessman-idUSTRE72Q2B120110327 | title =Businessman says Gaddafi entourage keen to stop fighting | newspaper = Reuters | date = 27 March 2011 | accessdate = January 3, 2013 }}</ref> |
Roger Tamraz’s Netoil group of companies has been in discussions with [[Libya]] to buy back [[Tamoil]]<ref>{{cite news | last = Hosenball | first = Mark | url =https://www.reuters.com/article/us-libya-gaddafi-idUSTRE72N87E20110324 | title =Gaddafi's entourage sends out secret peace feelers | newspaper = Reuters | date = 24 March 2011 | accessdate = January 3, 2013 }}</ref><ref>{{cite news | last = Hosenball | first = Mark | url =https://www.reuters.com/article/us-libya-gaddafi-businessman-idUSTRE72Q2B120110327 | title =Businessman says Gaddafi entourage keen to stop fighting | newspaper = Reuters | date = 27 March 2011 | accessdate = January 3, 2013 }}</ref><ref>{{cite web | last = Rodrik | first = Philippe | url =http://www.netoilinc.com/24hours.pdf | title = A meeting with the financier who hopes to "Save Tamoil" | accessdate = January 3, 2013 }}</ref> |
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.<ref>{{cite web | last = Rodrik | first = Philippe | url =http://www.netoilinc.com/24hours.pdf | title = A meeting with the financier who hopes to "Save Tamoil" | accessdate = January 3, 2013 }}</ref> Tamraz's strategy is to use the [[Tamoil]] acquisition to expand Netoil's existing energy businesses, which operate in the [[Middle East]] and [[Asia]] primarily through Netoil's Tamgaz subsidiary.{{cn|date=September 2022}}Netoil is currently in the construction phase of a large seaborne floating [[liquefied natural gas]] (FLNG) project in the [[Gulf of Oman]] that will transform natural gas purchased in Oman into LNG, which it will ship to export markets in [[Asia]] and [[Europe]].{{cn|date=September 2022}} |
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== Congressional hearings and pipeline lobbying == |
== Congressional hearings and pipeline lobbying == |
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Tamraz was involved in [[105th United States Congress|United States congressional]] hearings on [[campaign finance]] in 1997-1998 after giving $300,000 to the [[Bill Clinton]] campaign, which he admitted was to gain greater access.<ref>{{Cite journal |last=SUSMAN |first=THOMAS M. |title=Lobbying in the 21St Century-Reciprocity and the Need for Reform |date=2006 |url=https://www.jstor.org/stable/40711886 |journal=Administrative Law Review |volume=58 |issue=4 |pages=737–751 |jstor=40711886 |issn=0001-8368}}</ref><ref>{{Cite |
Tamraz was involved in [[105th United States Congress|United States congressional]] hearings on [[campaign finance]] in 1997-1998 after giving $300,000 to the [[Bill Clinton]] campaign, which he admitted was to gain greater access.<ref>{{Cite journal |last=SUSMAN |first=THOMAS M. |title=Lobbying in the 21St Century-Reciprocity and the Need for Reform |date=2006 |url=https://www.jstor.org/stable/40711886 |journal=Administrative Law Review |volume=58 |issue=4 |pages=737–751 |jstor=40711886 |issn=0001-8368}}</ref><ref>{{Cite news |title=Campaign Finance Special Report |url=https://www.washingtonpost.com/wp-srv/politics/special/campfin/stories/cf110197a.htm |access-date=2022-09-03 |newspaper=The Washington Post}}</ref><ref>{{Cite web |last= |date=1997-09-19 |title=Senate Campaign-Finance Hearings |url=https://slate.com/news-and-politics/1997/09/senate-campaign-finance-hearings-4.html |access-date=2022-09-03 |website=Slate Magazine |language=en}}</ref><ref>{{Cite web |title=Roger Tamraz |url=https://irp.fas.org/congress/1998_rpt/sgo-sir/6-30.htm |access-date=2022-09-03 |website=irp.fas.org}}</ref><ref>{{Cite web |title=The Saga of Roger Tamraz |url=https://irp.fas.org/congress/1998_rpt/sgo-sir/2-21.htm |access-date=2022-09-03 |website=irp.fas.org}}</ref><ref>{{Cite web |title=Wealthy Oilman Explains Why He Donated $300,000 to Democrats |url=https://archive.nytimes.com/www.nytimes.com/library/politics/091997campaign-hearings.html |access-date=2022-09-03 |website=The New York Times}}</ref><ref>{{Cite journal |last1=Aguilar |first1=Edwin |last2=Fordham |first2=Benjamin O. |last3=Lynch |first3=G. Patrick |date=2001 |title=The Foreign Policy Beliefs of Political Campaign Contributors: A Post-Cold War Analysis |url=https://www.jstor.org/stable/42955704 |journal=Social Science Quarterly |volume=82 |issue=1 |pages=89–104 |doi=10.1111/0038-4941.00009 |jstor=42955704 |issn=0038-4941}}</ref> Tamraz was said to have pitched the White House on a pipeline proposal.<ref name="AP">{{Cite web |title=Tamraz arrested in Republic of Georgia |url=https://apnews.com/article/21433805bd80ff35f1128eb943cffbab |access-date=2022-09-03 |website=AP NEWS |language=en}}</ref><ref>Risen, James. “Politics: Roger Tamraz Used Coffee Meeting in Effort to Allegedly Sell Government on Plan to Build an Oil Pipeline.” Los Angeles Times, 5 Apr. 1997, p. 1. EBSCOhost, https://search.ebscohost.com/login.aspx?direct=true&db=edsgao&AN=edsgcl.56710720&site=eds-live&scope=site.</ref><ref>{{Cite web |last= |last2= |last3= |first3= |last4= |last5= |last6= |last7= |last8= |first8= |last9= |date= 19 September 1997|title=Financier Says Donations Opened White House Doors |url=https://www.latimes.com/archives/la-xpm-1997-sep-19-mn-33968-story.html |access-date=2022-09-03 |website=Los Angeles Times |language=en-US}}</ref><ref>{{Cite web |date=Mar 31, 1997 |title=AllPolitics - Roger Tamraz Goes To Washington |url=https://www.cnn.com/ALLPOLITICS/1997/03/24/time/tamraz.html |access-date=2022-09-03 |website=CNN}}</ref> The pipeline would have run through [[Armenia]] and [[Turkey]] in [[Central Asia]], and the disputed area of [[Nagorno-Karabakh]] in [[Azerbaijan]], but ran into resistance from [[Heydar Aliyev]].<ref>{{Cite news |title=For DNC Donor, 'Resistance' Was Overcome |url=https://www.washingtonpost.com/wp-srv/politics/special/campfin/stories/cf090997.htm |access-date=2022-09-03 |newspaper=The Washington Post}}</ref> |
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== Fraud and embezzlement allegations == |
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== Embezzlement arrest in Republic of Georgia == |
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In 1997, Tamraz was detained by the [[Republic of Georgia]] on a warrant from [[INTERPOL]] for [[embezzlement]] of $200 million.<ref name="AP"/> The charges originated from the Lebanese government and were pertaining to the collapse of the [[Mashreq (bank)|Al Mashreq Bank]] in 1989.<ref>{{Cite news |last= |first= |date=1997-06-14 |title=Democratic Donor Held in Embezzlement |language=en-US |work=The New York Times |url=https://www.nytimes.com/1997/06/14/us/democratic-donor-held-in-embezzlement.html |access-date=2022-09-03 |issn=0362-4331}}</ref><ref name="Tampa"/> Tamraz was not extradited or detained by the US, despite the warrant, but was briefly considered an international fugitive, though he stated he was "allowed to travel freely throughout the world."<ref name="Tampa">{{Cite web |title=Fugitive visited White House |url=https://www.tampabay.com/archive/1997/01/31/fugitive-visited-white-house/ |access-date=2023-02-08 |website=Tampa Bay Times |language=en}}</ref> Tamraz was also charged with "bank fraud, conflict of interest and abuse of trust" in France in 1997.<ref>{{Cite news |last=Swardson |first=Anne |date=1997-10-11 |title=FRANCE RECENTLY CHARGED TAMRAZ WITH FRAUD |language=en-US |newspaper=Washington Post |url=https://www.washingtonpost.com/archive/politics/1997/10/11/france-recently-charged-tamraz-with-fraud/7f3da9ad-14e6-4e1d-ba5f-d1398523580f/ |access-date=2023-02-08 |issn=0190-8286}}</ref> Tamraz denied the charges, calling them fabricated, and stated that they stemmed from politics in Lebanon.<ref>{{Cite web |title=FIGURE IN U.S. CAMPAIGN PROBE FACES TRIAL IN BANK-FRAUD CASE |url=https://www.chicagotribune.com/news/ct-xpm-1997-10-12-9710120473-story.html |access-date=2023-02-08 |website=Chicago Tribune|date=12 October 1997 }}</ref> Tamraz has asserted that an auditor, "the Lebanese court-appointed investigator," and "C.I.A. agents" had declared him innocent.<ref>{{Cite news |date=1997-04-03 |title=Opinion {{!}} Oilman Won No Special White House Favors |language=en-US |work=The New York Times |url=https://www.nytimes.com/1997/04/03/opinion/l-oilman-won-no-special-white-house-favors-415405.html |access-date=2023-02-08 |issn=0362-4331}}</ref> |
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In 1997, Tamraz was detained by the [[Republic of Georgia]] on a warrant from [[INTERPOL]] for [[embezzlement]] of $200 million from a collapsed bank.<ref name="AP"/> The charges were said to stem from 1989 in Lebanon. <ref>{{Cite news |last= |first= |date=1997-06-14 |title=Democratic Donor Held in Embezzlement |language=en-US |work=The New York Times |url=https://www.nytimes.com/1997/06/14/us/democratic-donor-held-in-embezzlement.html |access-date=2022-09-03 |issn=0362-4331}}</ref> |
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==References== |
==References== |
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Revision as of 03:33, 24 November 2024
Roger Edward Tamraz (Arabic: روجيه تمرز) is an international banker and venture capital investor who has had an active business career in oil and gas in the Middle East, Europe, Asia and the United States since the early 1960s. He is the billionaire chairman of the Dubai, UAE-based petroleum energy firm NetOil.[1][2][3]
Tamraz is featured in the book See No Evil,[4] which loosely inspired the film Syriana.[5]
Early life and education
Born 1940 in Cairo, Egypt to an Assyrian family from Lebanon with roots in the Syrian Jazira region and the adjacent Mosul region of Iraq.[6] His mother, Margaret Dayoub, was Syrian.[7][8] Tamraz grew up speaking fluent English, French and Arabic. His early schooling was at the prestigious English School in Cairo. He subsequently attended the American University in Cairo, Cambridge University in a Ph.D. programme, and the Institut Européen d’Administration (INSEAD) in Fontainebleau, France. He received an MBA in 1966 from Harvard Business School, where his classmates included many future leaders in Western and international governments and businesses. [9][10]
Tamraz served for many years as a member of the Board of Trustees of the American University in Cairo, where he endowed a number of named scholarships for Egyptian students of exceptional promise. He became a U.S. citizen in 1989.
International finance, oil, and gas
Tamraz's first notable business enterprise was in 1967, when as an executive of the Wall Street investment bank Kidder, Peabody & Co., he successfully refloated a large Lebanese bank called Intra Bank, which had become insolvent in 1966. The bank had been founded in Beirut in 1951 by Yousef Beidas and three partners as a currency trading house named International Traders. The bank stopped payments on October 14, 1966. The collapse of the bank brought the Lebanese economy to a halt and sent shockwaves throughout the Middle East. Intra Bank accounted for 15% of total bank deposits and 38% of all deposits with Lebanese-owned banks. It owned nine other banks, controlled 35 companies and employed 43,000 people at the time of its collapse.[11][12]
The collapse was followed by its restructuring, under a plan known as the “Kidder Peabody Plan,” which was engineered by Tamraz (who served for years as its chairman and chief executive officer), under which the deposit obligations of the old Intra Bank were replaced with shares in a new company named Intra Investment Company (IIC), one of the major sovereign wealth investment companies in the Middle East. The major shareholders of IIC were the Lebanese government, along with the governments of Kuwait, Qatar and the United States, all of which had been major depositors in the former bank. IIC remained a major shareholder in key institutions such as Middle East Airlines (Tamraz was the Vice Chairman of the airline for a number of years, with special responsibility for its finances, banking relationships and aircraft purchases), Casino du Liban and Bank Al Mashreq, which carried out the remaining banking operations. Kidder Peabody continued to advise the board of IIC until 1973 under an advisory contract, at which time the relationship was discontinued.[13][14][15]
After leaving Intra Bank in the early 1970s, Tamraz continued his investment banking activities, dealing with most major companies and governments in the area. His early background gave him an unusual ability to bridge East and West, while his educational background and fluency in Arabic quickly made him a trusted banker and adviser throughout the Middle East. Tamraz leveraged his close connections with President of Lebanon Amine Gemayel to grow his financial success during the 1980s.[16]
Working with the government of Kuwait, he reorganized Gulf Fisheries, a company with over 200 ocean-going fishing vessels worldwide, and supervised and priced its takeover by the Kuwaiti government. At the same time, he also worked with Egypt Air and the Egyptian government to completely re-equip the airline’s fleet with new Boeing passenger aircraft.[10][15]
Tamraz acquired ownership of Chantiers Navals de la Ciotat (CNC), the second-largest shipyard in France, in the early 1970s. This company was one of the early pioneers in the construction of LNG vessels for oceangoing natural gas transport, and also specialized in submarines, patrol boats and other military platforms. In addition, the yard constructed very large crude carriers (VLCC5) and conventional bulk cargo vessels for the civilian maritime industry.
In the 1970s, Tamraz conceived, financed and built the well-known 200-mile (320 km) long Suez-Mediterranean (SUMED) Pipeline in Egypt, considered as “one of the world’s greatest engineering feats”, a pipeline designed to run parallel to the blocked Suez Canal, which had been closed since the 1967 Arab-Israeli war. Using Bechtel Corporation as prime contractor, the pipeline, which comprises two parallel 42-inch lines, was opened in 1978 with a capacity of 1.6 million barrels per day (250,000 m3/d). Completion of an additional pumping station in 1994 increased capacity to its current 2.5 million barrels per day (400,000 m3/d).[10][15]
Concurrently with the SUMED project, Tamraz conceived and financed the world’s largest chemical methanol plant in Jubail, Saudi Arabia in partnership with Japan’s Itochu Corporation and Mitsubishi Heavy Industries. Tamraz continued subsequently as an advisor to Itochu senior management, especially on Middle East energy strategy. The methanol project included a five-year, 100-million-barrels (16,000,000 m3) preferential crude oil supply contract for Japan that was signed with the Saudi government during the 1973 oil crisis.
In 1976, Tamraz moved into United States financial markets with his acquisition of Bank of the Commonwealth, a Michigan-based bank with 50 branches. He strengthened and expanded the bank until 1983, when it was merged into the founding of Comerica, Inc., now one of the largest super-regional U.S. bank holding companies. The merger made Tamraz the largest single shareholder in Comerica at the time, before selling out to finance the Tamoil acquisition described below. Comerica currently has assets of $64 billion and a market capitalization of $5.6 billion.[17]
By the early 1980s, Tamraz became the 100% owner of the Meurice Hotel Group in Paris, which owned the Meurice (Hôtel Meurice, Prince de Galles and Grand Hotels, as well as the famed Cafe de la Paix. At the time, the 1,000 rooms of these three hotels comprised 25% of all the luxury hotel rooms in Paris. The properties were sold to Grand Metropolitan Hotel Corporation of London in the mid-1980s.
In 1986-1987, during the Lebanese Civil War, Tamraz cooperated with Lebanese forces to construct an airport in Halat.[18]
Also during the 1980s, Tamraz founded and built Europe’s Tamoil Corporation by purchasing and combining all of the Italian assets of Amoco (Standard Oil Company of Indiana) and of Texaco Corporation (1,000 service stations each). Prior to selling, he expanded the company to 3,000 service stations, three refineries, an extensive pipeline distribution system and a refining capacity of 250,000 barrels (40,000 m3) of oil per day. Tamoil today has annual sales of $20 billion and a market capitalization of $6.3 billion.
In the early 1990s, after the Soviet Union loosened its grip on Central Asia, Tamraz was the originator of the 1,100-mile (1,800 km) Baku-Ceyhan (Baku-Tbilisi-Ceyhan pipeline) considered as “one of the great engineering endeavours”, an oil pipeline project, to move 1 million barrels per day (160,000 m3/d) of Caspian Sea oil to the Mediterranean Sea and thus to world markets. Tamraz managed to obtain support for the proposed pipeline from Turkmen President Niyazov, Azerbaijan's President Heydar Aliyev, and Turkey's Prime Minister, Tansu Çiller, and Turkey's Botas company. Tamraz's companies negotiated and signed the original pipeline right-of-way transit agreement with the Government of Turkey. This agreement was essential to the success of the project, which was eventually completed by BP after its purchase of Amoco, with which Tamraz had been cooperating in the Central Asian area. During this period, Tamraz acquired equity ownership positions in Turkmenistan’s Blocks I and II two of that country’s major oil and gas producing properties. These fields have reserves of 13 trillion cubic feet (370 km3) of gas and 700 million barrels (110,000,000 m3) of oil, with 1,400 working wells, and currently produce two billion cubic feet per day of natural gas.[19]
Roger Tamraz’s Netoil group of companies has been in discussions with Libya to buy back Tamoil[20][21][22]
Congressional hearings and pipeline lobbying
Tamraz was involved in United States congressional hearings on campaign finance in 1997-1998 after giving $300,000 to the Bill Clinton campaign, which he admitted was to gain greater access.[23][24][25][26][27][28][29] Tamraz was said to have pitched the White House on a pipeline proposal.[30][31][32][33] The pipeline would have run through Armenia and Turkey in Central Asia, and the disputed area of Nagorno-Karabakh in Azerbaijan, but ran into resistance from Heydar Aliyev.[34]
Fraud and embezzlement allegations
In 1997, Tamraz was detained by the Republic of Georgia on a warrant from INTERPOL for embezzlement of $200 million.[30] The charges originated from the Lebanese government and were pertaining to the collapse of the Al Mashreq Bank in 1989.[35][36] Tamraz was not extradited or detained by the US, despite the warrant, but was briefly considered an international fugitive, though he stated he was "allowed to travel freely throughout the world."[36] Tamraz was also charged with "bank fraud, conflict of interest and abuse of trust" in France in 1997.[37] Tamraz denied the charges, calling them fabricated, and stated that they stemmed from politics in Lebanon.[38] Tamraz has asserted that an auditor, "the Lebanese court-appointed investigator," and "C.I.A. agents" had declared him innocent.[39]
References
- ^ "Petroteq Executes LOI for License Agreements". Bloomberg.com. 2022-08-04. Retrieved 2022-09-05.
- ^ "Roger Edward Tamraz – Netoil". Retrieved 2022-09-05.
- ^ "CORRECTED (OFFICIAL) UPDATE 3-NetOil, Libya show interest for French refinery". Reuters. 2012-11-06. Retrieved 2022-09-05.
- ^ Baer, Robert (2002). See no evil : the true story of a ground soldier in the CIA's war on terrorism (1st ed.). New York: Crown Publishers. ISBN 0-609-60987-4. OCLC 48557610.
- ^ Halbfinger, David M. (2005-05-15). "Hollywood Has a New Hot Agency". The New York Times. ISSN 0362-4331. Retrieved 2022-09-05.
- ^ "Tamraz – Family – Netoil Inc Ltd". Retrieved 2020-05-27.
- ^ (Page 81) https://lb.boell.org/sites/default/files/fawaz_english_draft.pdf
- ^ السياسات, المركز العربي للأبحاث ودراسة; طبر, بول; معلوف, وهيب (2020-01-01). الهجرة وتشكل النخبة السياسية في لبنان (in Arabic). المركز العربي للأبحاث ودراسة السياسات. ISBN 978-614-445-371-1.
- ^ New York Daily News, March 27, 1981
- ^ a b c Fortune, November 1973
- ^ "Middle East: The Day the Doors Closed". Time. 1966-10-28. ISSN 0040-781X. Retrieved 2022-09-03.
- ^ "Middle East: How They Broke the Bank". Time. 1966-11-25. ISSN 0040-781X. Retrieved 2022-09-03.
- ^ "Banking: Rescue in Beirut". Time. 1967-10-20. ISSN 0040-781X. Retrieved 2022-09-03.
- ^ "Banking: Reopening at Intra". Time. 1968-01-05. ISSN 0040-781X. Retrieved 2022-09-03.
- ^ a b c Newsweek, February 10, 1975
- ^ Owen, Roger (2005). "Review of Warlords and Merchants: The Lebanese Business and Political Establishment". The Historian. 67 (4): 740–741. ISSN 0018-2370. JSTOR 24453410.
- ^ New York Times, May 4, 1978
- ^ Picard, Elizabeth (2000-12-01). "10. The Political Economy of Civil War in Lebanon". War, Institutions, and Social Change in the Middle East. University of California Press. pp. 292–322. doi:10.1525/9780520925229-011. ISBN 978-0-520-92522-9. S2CID 242353910.
- ^ Business Week, July 17, 1995
- ^ Hosenball, Mark (24 March 2011). "Gaddafi's entourage sends out secret peace feelers". Reuters. Retrieved January 3, 2013.
- ^ Hosenball, Mark (27 March 2011). "Businessman says Gaddafi entourage keen to stop fighting". Reuters. Retrieved January 3, 2013.
- ^ Rodrik, Philippe. "A meeting with the financier who hopes to "Save Tamoil"" (PDF). Retrieved January 3, 2013.
- ^ SUSMAN, THOMAS M. (2006). "Lobbying in the 21St Century-Reciprocity and the Need for Reform". Administrative Law Review. 58 (4): 737–751. ISSN 0001-8368. JSTOR 40711886.
- ^ "Campaign Finance Special Report". The Washington Post. Retrieved 2022-09-03.
- ^ "Senate Campaign-Finance Hearings". Slate Magazine. 1997-09-19. Retrieved 2022-09-03.
- ^ "Roger Tamraz". irp.fas.org. Retrieved 2022-09-03.
- ^ "The Saga of Roger Tamraz". irp.fas.org. Retrieved 2022-09-03.
- ^ "Wealthy Oilman Explains Why He Donated $300,000 to Democrats". The New York Times. Retrieved 2022-09-03.
- ^ Aguilar, Edwin; Fordham, Benjamin O.; Lynch, G. Patrick (2001). "The Foreign Policy Beliefs of Political Campaign Contributors: A Post-Cold War Analysis". Social Science Quarterly. 82 (1): 89–104. doi:10.1111/0038-4941.00009. ISSN 0038-4941. JSTOR 42955704.
- ^ a b "Tamraz arrested in Republic of Georgia". AP NEWS. Retrieved 2022-09-03.
- ^ Risen, James. “Politics: Roger Tamraz Used Coffee Meeting in Effort to Allegedly Sell Government on Plan to Build an Oil Pipeline.” Los Angeles Times, 5 Apr. 1997, p. 1. EBSCOhost, https://search.ebscohost.com/login.aspx?direct=true&db=edsgao&AN=edsgcl.56710720&site=eds-live&scope=site.
- ^ "Financier Says Donations Opened White House Doors". Los Angeles Times. 19 September 1997. Retrieved 2022-09-03.
- ^ "AllPolitics - Roger Tamraz Goes To Washington". CNN. Mar 31, 1997. Retrieved 2022-09-03.
- ^ "For DNC Donor, 'Resistance' Was Overcome". The Washington Post. Retrieved 2022-09-03.
- ^ "Democratic Donor Held in Embezzlement". The New York Times. 1997-06-14. ISSN 0362-4331. Retrieved 2022-09-03.
- ^ a b "Fugitive visited White House". Tampa Bay Times. Retrieved 2023-02-08.
- ^ Swardson, Anne (1997-10-11). "FRANCE RECENTLY CHARGED TAMRAZ WITH FRAUD". Washington Post. ISSN 0190-8286. Retrieved 2023-02-08.
- ^ "FIGURE IN U.S. CAMPAIGN PROBE FACES TRIAL IN BANK-FRAUD CASE". Chicago Tribune. 12 October 1997. Retrieved 2023-02-08.
- ^ "Opinion | Oilman Won No Special White House Favors". The New York Times. 1997-04-03. ISSN 0362-4331. Retrieved 2023-02-08.
External links
- Alumni of the University of Cambridge
- American businesspeople
- American people of Lebanese descent
- The American University in Cairo alumni
- Harvard Business School alumni
- 1940 births
- Living people
- American people of Assyrian descent
- Egyptian expatriates in the United Kingdom
- Egyptian emigrants to the United States
- Egyptian expatriates in France
- Lebanese people of Syrian descent
- Syrian billionaires
- Syrian businesspeople
- American people of Syrian descent