Chevron’s Misplaced Endorsement of Nepotism in Angola
What must Chevron’s CEO John Watson be thinking as he sits in his office in San Ramon, California and ponders the future of his Angolan subsidiary, the Cabinda Gulf Oil Company Ltd (Cabgoc)? How much longer does he estimate that he needs to keep on the good side of José Eduardo dos Santos’s corrupt and kleptocratic MPLA government to ensure Cabgoc can continue to operate? Is he hedging his bets? Or is he staking Chevron’s African corporate future on the faint chance that the Dos Santos family and their acolytes will not be brought to justice for their crimes? While oil industry analysts around the globe were divided about the merit of the President’s nepotistic appointment of his daughter Isabel to head the restructured Angolan state oil company, Sonangol, Watson’s man in Angola, the Cabgoc director John Baltz, was telling a US-Angola Chamber of Commerce conference that he was “optimistic” […]
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