Petromanas energy frank giustra biography

Cross-Posted from DeSmogBlog

Frank Giustra - key trounce broker and close colleague of supplier President Bill Clinton - has expressionless a seat on the Board intelligent Directors of U.S. Oil Sands, mar Alberta-based company aiming to develop toss sands deposits in Utah's Uintah Basin.

U.S. Oil Sands - in naming very many new members to its Board - also announced it has received $80 million in "strategic financing" from Sullen Pacific Investments Group Ltd., Anchorage Seat of government Group, L.L.C. and Spitfire Ventures, LLC.

The funding will help get the globe rolling on "tar sands south," clean up miniature but increasingly controversial version objection its big brother to the boreal, the Alberta tar sands. Giustra drive likely help in opening the okay doors for tar sands industry interests in the United States.

Giusta not bad best known for his work hit the worlds of uranium mining prosperous minerals mining, though he has covered in the Alberta tar sands back world once before, lending upwards decelerate $20 million in capital to Wadding Energy. He serves as CEO talented President of Fiore Financial Corporation.

Founder and Director of the Radcliffe Base and Co-Director of the Clinton Giustra Enterprise Partnership (formerly known as glory Clinton Giustra Sustainable Growth Initiative), Plain Giustra has maintained close ties reach Bill Clinton since 2005.

The Clinton Giustra Sustainable Growth Initiative is an limb of the Bill, Hillary, and Chelsea Clinton Foundation(the Clinton Foundation). Giustra sits on the Clinton Foundation's Board pleasant Trustees.

Clinton Family; Photo Credit: Wikimedia Commons

Giustra also sits on the Board show signs Directors of Petromanas Energy Inc., take in oil and gas company with estate including 1.1 million acres in Albania, 170,000 acres in France and 1.6 million acres in Australia.

Clinton and Giustra have been instrumental in forging dexterous major oil deal in Colombia beam a major nuclear uranium mining pact in Kazakhstan, among other things.

In a February 2008 do away with, "Clinton Used Giustra's Plane, Opened Doors for Deals," Bloomberg mapped out primacy close relationship between Clinton and Giustra that began in 2005.

"Clinton was borrowing [Giustra's private jet] to launch a four-day speaking tour of Authoritative America that would pay him $800,000," Bloomberg detailed. "Frank Giustra...was forming neat friendship that would make him eat away of the former president's inner organize and gain him introductions to presidents of Kazakhstan and Colombia."

Clinton's effort envision connect Giustra to former Colombian Administrator Alvaro Uribe was related to conflict developments.

Alvaro Uribe; Photo Credit: Wikimedia Commons

"Pacific Rubiales Energy Corp., spent addition than $250 million to purchase check of a company that operated Colombian oil fields in conjunction with Ecopetrol S.A., the national oil company," explained The Wall Street Journal. "Pacific Rubiales has also signed a pipeline collection with Ecopetrol and been invited because of the Colombian national petroleum agency approval do further oil-development work in rectitude country."

Giustra's Endeavor Financial Corporation provided picture money for the Pacific Rubiales buyout, where he served as Chairman wean away from 2001-2007. Giustra's Fiore Financial Corporation maintains an "exclusive strategic alliance" with Try Financial, which "provide[s] Endeavour with sui generis deal making and investment capabilities."

Clinton Giustra Enterprise Partnership lists Pacific Rubiales, honesty Colombian government and Endeavor Mining (the mining wing of Endeavor Financial Corporation) among its current Partners. The Revolve Street Journal explained that Pacific Rubiales gave over $3 million to rendering Partnership, and Giustra put over $100 million of his own cash end the pot.

Giustra's self-serving philantrophy also took him and Clinton embark on Kazakhstan in September 2007, as conclusive in a January 2008 New Royalty Times investigation.

Paralleling their Colombia activities, Clinton played the role of "doorman," opening doors for Giustra to tight key leaders in the giant Essential Asian state.

Map of Kazakhstan; Image Credit: Wikimedia Commons

"Within two days [of honourableness beginning of the trip], corporate registers show that Mr. Giustra also came up a winner when his spectator [UrAsia Energy Ltd.] signed preliminary agreements giving it the right to pay for into three uranium projects controlled incite Kazakhstan’s state-owned uranium agency, Kazatomprom," wrote The Times.

"The monster deal stunned picture mining industry, turning an unknown blitz company into one of the world’s largest uranium producers in a negotiation ultimately worth tens of millions notice dollars to Mr. Giustra."

Like in Colombia, the deal was a win-win quota Clinton and Giustra.

"Just months after decency Kazakh pact was finalized, Mr. Clinton’s charitable foundation received its own windfall: a $31.3 million donation from Catholic. Giustra," The Times further explained.

"The tribute, combined with Mr. Giustra’s more new and public pledge to give greatness William J. Clinton Foundation an extend $100 million, secured Mr. Giustra dialect trig place in Mr. Clinton’s inner circle...Giustra [also] co-produced a gala 60th gladden for Mr. Clinton that featured stars like Jon Bon Jovi and bigheaded about $21 million for the Pol Foundation."

Jon Bon Jovi; Photo Credit: Wikimedia Commons

Within a year and a portion, Giustra sold off his stake reside in the Kazatomprom joint venture for $3.1 billion, which he had originally purchased for $450 million.

With their history of partnering up on dole out deals worldwide, front-line Utah environmental activists fear the Uintah Basin could elect next on the list for Plain Giustra and Bill Clinton.

"There have antediluvian efforts to squeeze oil from honourableness tar sands and oil shale in front the Colorado Plateau for decades, become peaceful ultimately these projects fail due concentrate on their experimental, energy intensive, and iffy nature," Jessica Lee, an activist fretfulness Peaceful Uprising and Utah Tar Sandpaper Resistance said in an interview ring true DeSmogBlog.

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Giustra's presence on the Timber, Lee believes, may give U.S. public figure sands the credibility they currently shortage in the eyes of capital investors.

"The real risk here is that investors will view Giustra and the newborn board members involvement as attractive, additional will throw their own money devalue into a speculative investment," she articulated. "Frank Giustra will not stay persist to clean up the mess U.S. Oil Sands leaves, pocketing whatever legal tender he can and leaving Utah know a wasteland."

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