Rudy Giuliani’s law firm is considering an office in China after the size of its London practice doubled in a year on the strength of its energy work.
“If you look into a crystal ball into the future, the demand for energy is just going to grow,” Giuliani, who was mayor of New York from 1994 to 2001, said in an interview in London. “The firm decides based on need.”
Bracewell & Giuliani LLP’s London office specializes in energy and has advised oil producers including Apache Corp. and BP Plc on mergers and acquisitions. Other clients include Moscow-based OAO Rosneft.
The firm’s work for Russia’s state oil company didn’t stop the former Republican presidential candidate talking tough on sanctions against Russia. Its actions in Ukraine should be punished with tougher measures, Giuliani, 70, said on Nov. 21.
“Sanctions should be massive,” said Giuliani, who was in London for the first anniversary of the opening of his firm’s office in the city’s financial district. “The sanctions should have been stronger and more uniformly enforced.”
The U.S. ought to have invested in infrastructure five or six years ago to be able to export natural gas, lessening the need for supplies coming from Russia, Giuliani said.
Rising demand for energy in places such as China as more people shift into the middle class means this year’s drop in the oil price will prove temporary, he said.
In the meantime, Giuliani expects more M&A work because one way to manage a slump in oil prices is to consolidate. The merger of U.S. giants Halliburton Co. and Baker Hughes Inc. and Technip SA’s bid for CGG SA in France are recent examples.
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