Monday, July 23, 2007

Robbing Peter To Pay Paul

What happens when Sarkozy the Hardliner faces off against Sarkozy the Protectionist? The answer might go a long way towards revealing just how reliable an ally to America's neocon agenda Sarkozy's France will prove to be.

In this corner, Sarkozy the Hardliner, who via the Foreign Ministry announced that France supports tough new UN sanctions against Iran. In this corner, TotalFinaElf, France's quasi-national oil company that just announced it intends to increase its investment in Iran's energy sector.

Granted, Sarkozy doesn't actually control Total. As this brief corporate history points out, the French government divested 4% of its holdings in 1996, leaving it with only a 1% share in the company. But as recently as 1992, it held a 32% interest, and Total qualifies as one of the crown jewels of French industry.

So will Sarkozy have something to say about Total's courtship of Iran's oil mullahs? Stay tuned...

Posted by Judah in:  Iran   La France Politique   Markets & Finance   

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