Western Oil Firms Planning Huge Iraqi Oil Rip-off
The Daily Star
22 November 2005
BRITISH and American firms are planning to "plunder" up to £100billion of Iraq's oil wealth.
With the war-torn country relying on oil revenues to rebuild, a report published today says foreign multinationals are planning a corporate oil grab.
Crude Designs: The Rip-Off of Iraq's Oil Wealth says companies are already negotiating long-term contracts that will guarantee massive profits.
The report was prepared by UK and US environmental and social think-tanks, along with British charity War on Want.
The charity's chief executive Louise Richards said: "People have increasingly come to realise the Iraq war was about oil, profits and plunder."
The report says at least 64 per cent of Iraq's oil reserves will be allocated to overseas firms.The authors call for an open debate to avoid "30-year deals negotiated behind closed doors