'Blair struck secret deal with Saudis to promote oil business'

Former British premier Tony Blair made a secret deal with an oil company founded by the Saudi King's son for a fee of about USD 75,000 a month and a 2 per cent cut of any contract he helped broker, according to a media report.
The deal signed in November 2010 between Tony Blair Associates (TBA) and the oil firm PetroSaudi involved Blair arranging introductions to his contacts in China, including senior political figures, the Sunday Times reported.
The proposed fees were 41,000 pounds (USD 75,600) a month and a 2 per cent cut of any deal Blair helped broker.

The firm was told it could not divulge Blair's role to anyone without permission, the paper said, citing documents.
It is the first time any detailed contract negotiated on behalf of Blair has been leaked. It is also the first evidence of his work for a Middle Eastern oil firm, it said.
PetroSaudi was jointly founded by the Saudi businessman Tarek Obaid and Prince Turki bin Abdullah Al Saud, a son of Saudi Arabia's King Abdullah.

The disclosure will provoke fresh criticism of Blair's role as a Middle East envoy and his private and undisclosed business interests, the paper said.

"(Blair) has got deep ties to the Middle East and that is how we got to know him. We know a lot of people in common and they put us in touch. It was a confidential engagement to help us develop business in China," the paper quoted a senior PetroSaudi source as saying.
The paper said it has obtained the 21-page contract between TBA and the Saudi oil firm which stipulates that Blair and his team will work for a monthly retainer and a 2 per cent success fee for any deals they set up.
It states TBA would help find potential sources of new investment and says Blair would personally make "introductions to the senior political leadership, industrial policymakers, corporate entities and other persons in China identified and deemed by us and you to be relevant to PetroSaudi's international strategy".

Blair's office said his work for PetroSaudi was nothing to do with the Middle East and was only "for a period of months".