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ever represent hims s anything other than a bu. Sman with a potential business venture. The contact was above-board at all times and no money for' *t: payments it tne deal were consummated, and as part of Charter's standard conform to the Foreign Corrupt Practices Act, and Mr. Carter fully supported that. requirement. In exploring this proposition, Charter had.nothing to lose and potentially could gain additional oil for refining operations which had at that time excess. capacity.. Only the delivery of oil would have triggered any action on our part. If crude oil had become available, Charter and Billy Carter would have entered into a formal agreement which specifically delineated the terms of the transaction and coumissions to be paid. . At that time, the'commission rate for transactions of this type was as high as.$3 per barrel. In negotiations with Billy Carter, a commission structure was discussed at the rate of 55c per barrel, which would decline if the strength of markets changed downward to as low as Sc a barrel. Such a transaction, had it become an eventuality, would have been highly attractive to Charter at that time since crude oil in world markets was selling $10 to $12 above official government. selling prices. for their short-term and long-term economic benefit to the operations of Charter. Oil Company. During the course of the discussions with Mr. Carter, a signi-- ficant deterioration of the profitability elements of high cost Libyan oil occurred, and an evaluation in light of those circumstances would have occurred, had the oil become available, before Charter would have coumitted to a contract. SUMMARY The coatact between The Charter Company and Billy Carter on this mattey was not initiated by us. Charter did not treat this matter any differently