Business Blunders

CEO gets R1bn for being fired. Infamous ex-KGB agent builds Ugandan oil refinery

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- Kids expect Sponge Bob; theatre shows 50 Shades of Grey

- Facebook rejects Lance Browneye. Parmalat recalls denatured, re-watered PureJoy

- “Curro’s teachers are good at math, especially division.”

Uganda tries it’s best to screw up nascent oil industry

“Uganda discovered huge amounts of oil in 2008 but, as usual, they’re doing their best to screw it up,” quips Vestact MD Paul Theron.

“Instead of sucking it out, sending it to the coast and selling it to the Asians they’re now pushing to build a massive inland oil refinery.”

If Uganda gets this right they’ll be the first as all Africa’s inland refineries have been closed and remain not much more than industrial wastelands, according to Dr Duncan Clarke, author of the Crude continent: The struggle for Africa's Oil Prize.

Inland oil refineries are counterintuitive. “These types of refineries only serve the market you’ve got.”

Uganda had the opportunity to build a 60 000 barrels per day refinery at $4-billion. “A steal!” exclaims Theron. “Instead the geniuses awarded the contract to Russian defense contractor RT Global, a company that makes AK-47s."

RT Global is owned by a former KGB agent Sergey Chemezov. “He’s a close bugger of Vlad Putin’s,” says Theron. “He’s also on the US and European personal sanctions list because of his dealings in the Ukraine.

“There’s no bigger showcase for humanity’s capacity to create ugliness on a grand scale than a really big, dirty oil refinery,” says Theron.

It’s nice being CEO, especially (so it seems) when you get fired

David Piatt, the CEO of Allergan, the maker of Botox, stands to earn R1.1-billion for getting fired after a rival company, Actavis, bought Allergan for R762-billion.

Listen to the audio for more detail.

Also read the following "Business Blunders":

- Kids expect Sponge Bob; theatre shows 50 Shades of Grey

- Facebook rejects Lance Browneye. Parmalat recalls denatured, re-watered PureJoy

- “Curro’s teachers are good at math, especially division.”


This article first appeared on 702 : CEO gets R1bn for being fired. Infamous ex-KGB agent builds Ugandan oil refinery


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