And Iraq's big oil contracts go to ...

[RamboLiberal]

Source: CNN

Despite claims by some critics that the Bush administration invaded Iraq to take control of its oil, the first contracts with major oil firms from Iraq's new government are likely to go not to U.S. companies, but rather to companies from China, India, Vietnam, and Indonesia.

While Iraqi lawmakers struggle to pass an agreement on exactly who will award the contracts and how the revenue will be shared, experts say a draft version that passed the cabinet earlier this year will likely uphold agreements previously signed by those countries under Saddam Hussein's government.

"The Chinese could announce something within the next few months" if all goes well with the oil law, said James Placke, a senior associate at Cambridge Energy Research Associates who specializes in the Middle East.

The Asian firms are at an advantage for several reasons.

First, less constrained by Western sanctions during the Hussein regime, they've been operating in Iraq and know the country's oilfields, said Falah Aljibury, an energy analyst who has advised several Iraqi oil ministers as well as other OPEC nations.



Read more: http://money.cnn.com/2007/04/05/news/international/iraq_oil/index.htm

[Demeter]

1. My Eyes Are Filled WIth Tears

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:


Tears of derision.

[hogwyld]

2. China has all the money it needs to outbid us

on any energy contracts that come up. *co has put us on the bridge to the 18th century...

[Javaman]

6. Naaa it ain't that it all..

the reason China got it is simple...

they ain't us. LOL

[hack89]

3. And Iraq's big oil contracts go to ...

Source: CNNMoney.com

Despite claims by some critics that the Bush administration invaded Iraq to take control of its oil, the first contracts with major oil firms from Iraq's new government are likely to go not to U.S. companies, but rather to companies from China, India, Vietnam, and Indonesia.

While Iraqi lawmakers struggle to pass an agreement on exactly who will award the contracts and how the revenue will be shared, experts say a draft version that passed the cabinet earlier this year will likely uphold agreements previously signed by those countries under Saddam Hussein's government.

Read more: http://money.cnn.com/2007/04/05/news/international/iraq_oil/index.htm?postversion=2007040513

[Jcrowley]

4. Inconclusive at best

From article:

"Second, Iraq's oil contract game has just begun.

According to a letter supplied by John S. Herold's Ruppel, memorandums of understanding have been signed with all the oil majors for several years. And Iraqi Oil Minister Hussein al-Shahristani has said the country plans to tender for major oil projects in the second half of 2007.

Steve Kretzmann, executive director of Oil Change International, an industry watchdog group, criticized the draft oil law for allowing long-term oil contracts to be awarded to foreign oil firms, a practice he said was unique in the Middle East.

"Giving out a few crumbs to the Chinese and Indians is one thing," said Kretzmann, who noted the draft law was seen by both the Bush administration and the International Monetary Fund before it was given to Iraq's parliament. "But the real prize are the contracts that award long-term rights. I think the are biding their time.""

No way US-UK oil companies are going to let go of "The Prize" outside of a massive brawl.

[badgervan]

5. Don't Believe What You are Told

You have to track the true benefactors down; those who are pulling the strings in this international economy. Might be a Chinese named company, but go back through the levels of obfiscation involved in ownership to dig out the true powers behind that company, and I'll bet that Exxon, Shell, and the other Big Oil Boys are the base.

[hang a left]

7. What part of the country are those contracts with?

I bet they are in the northern part with the Kurds.