Iraq's oil: The spoils of war (Independent Online Edition)
Iraqis face the dire prospect of losing up to $200bn (£116bn) of the wealth of their country if an American-inspired plan to hand over development of its oil reserves to US and British multinationals comes into force next year.
A report produced by American and British pressure groups warns Iraq will be caught in an "old colonial trap" if it allows foreign companies to take a share of its vast energy reserves.
The indepndent sites a report that was formulated prior to 9/11 by US adminstration which plans for Iraqi oil to be awrded under production sharing agreements (PSAs) to US & British oil majors with return on their investment ranging from 42 to 162 per cent, far in excess of typical 12 per cent rates.
A report produced by American and British pressure groups warns Iraq will be caught in an "old colonial trap" if it allows foreign companies to take a share of its vast energy reserves.
The indepndent sites a report that was formulated prior to 9/11 by US adminstration which plans for Iraqi oil to be awrded under production sharing agreements (PSAs) to US & British oil majors with return on their investment ranging from 42 to 162 per cent, far in excess of typical 12 per cent rates.
posted by Double M at 10:27 AM
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