American Samizdat

Saturday, January 06, 2007. *
How the West will make a killing on Iraqi oil riches

Iraq's Deputy Prime Minister, Barham Salih, who chairs the country's oil committee, is expected to unveil the legislation as early as today. "It is a redrawing of the whole Iraqi oil industry [to] a modern standard," said Khaled Salih, spokesman for the Kurdish Regional Government, a party to the negotiations. The Iraqi government hopes to have the law on the books by March.

the independent reports that the psa law in iraq is being drafted by the u.s. and will come before the iraqi parliament within days. the provision will give big oil companies 30 year contracts to "modernize" iraq's oil industry allowing them to take up to 75 per cent of the profits will last until they have recouped initial drilling costs. after that, they would collect about 20 per cent of all profits - twice the industry average for such deals.
posted by Uncle $cam at 7:20 PM
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