Report: Iraqis losing out on oil fortune

[garybeck]

Iraqis losing out on oil fortune.
From: AlJazeera, 22 November 2005

Up to $113 billion in Iraqi oil revenues are going to multinational oil companies under long-term contracts, and not to the Iraqi people, says a social and environmental group. In a report, the group known as Platform said that oil multinationals would be paid between 74 billion pounds ($43 billion) and 194 billion pounds, with rates of return of between 42% and 162% under proposed production-sharing agreements, or PSAs.

"The form of contracts being promoted is the most expensive and undemocratic option available," said Platform researcher Greg Muttitt on Tuesday. ”Iraq's oil should be for the benefit of the Iraqi people, not foreign oil companies." Muttitt added: "Iraq's institutions are new and weak. Experience in other countries shows that oil companies generally get the upper hand in PSA negotiations with governments. "The companies will inevitably use Iraq's current instability to push for highly advantageous terms and lock Iraq to those terms for decades."

The report, titled Crude Designs: The Rip-Off of Iraq's Oil Wealth, said the majority of Iraqis were against the large-scale involvement of foreign companies in the post-Saddam era. "Iraqi public opinion is strongly opposed to handing control over oil development to foreign companies," it said. "But with the active involvement of the US and British governments, a group of powerful Iraqi politicians and technocrats is pushing for a system of long-term contracts with foreign oil companies which will be beyond the reach of Iraqi courts, public scrutiny or democratic control."

Under PSAs, foreign companies provide capital investment, including drilling and the construction of infrastructure, and a proportion of oil extracted is allocated to the companies. "Iraqi public opinion is strongly opposed to handing control over oil development to foreign companies" But Platform's report alleged that financing oil development could be done instead through government budgetary expenditure, using future oil flows as collateral to borrow money, or using international oil companies through shorter-term and less lucrative contracts.

Louise Richards, chief executive of aid charity War on Want, said: "People have increasingly come to realise that the Iraq war was about oil, profits and plunder. Iraq's oil profits, far from being used to alleviate some of the suffering the Iraqi people now face, are well within the sights of the oil multinationals."

You can find this article at:

http://english.aljazeera.net/NR/exeres/2F3C5550-D829-459A-AD59-845A3ECA829C.htm

[RedEarth]

1. bomb 'em for spreading lies....

[Oversea Visitor]

2. And who are the cannonfodders

raking in the money for them?

The American people formerly the world greates nation now the private army of war profiteers and crooks.

Oh yeah, suckers lots of suckers, damn what are you guys going to do when its all over.

Watch them count their ill gotten gains earned by the blood of your childrens? This is so sad.

[garybeck]

3. we're not suckers...

they stole the election. the american people did not buy their crap and we do not support them.

[Oversea Visitor]

4. That I agree the part of the election being stolen

What can I say US is so very sick nowadays.
However the reality is that he sitting up there abusing and buggering all you guys to kingdom come.

Gee when the people going to get him out. Hmm maybe you guys just enjoyed the torture.

[garybeck]

5. wha?

support for torture here in the US is very low. Dick Cheney is about the only one I've heard of that wants to keep it legal.

IMHO it is not good to generalize about "the US" and say "you guys" because, as with most countries, there are many different views, and a distinct difference between the people and the government. such is the case here. "us guys" do not like what our government is doing any more than you do. as a matter of fact many of us despise this administration so intensely, and more than any other administration ever, that we would do just about anything to get this killer impeached or out of office in any way.

[Oversea Visitor]

6. Ehhh we get real nasty when we dont like our goverment

US hehe too peaceful.
Too many like to sit on their arse...... maybe until too late.

[garybeck]

7. where are you from?

the problem here is

1) our media is in bed with the government and most people don't know it

2) we've never had an administration this bad before and most of the people either don't realize what's going on, or they don't know what to do.

3) our election system has been hijacked. we no longer choose our government.

where are you from? is your media any good?

[Oversea Visitor]

8. Malaysia

Sigh, US has good for many years so maybe people dont know what it is like to lose their freedom.

We were part of the British Empire until 1956. That when we gain independent. We face the threat of the communist. Racial riot. So much pain. I guess our lessons learned are still too recent to fall asleep and let bad times comes again.

Our system here politically is different. We have like over 20 diferrent parties.

Our main political group in power is called Barisan National ( National Front). The group however is make up of 9 political parties.
Coalitions of different minds haha. That in itself is check and balance.

A truly chaotic formula, but what the heck it work fine so far.
As for the media hehe with so many political groups everyone own some.
So no total power.

Election time as usual is crazy. The amount of monies and resources spend just to get elected. Gee if they only work as hard when they get elected as they do trying to get elected.

Bottomline is once they get elcted they seems to morph into " I am the boss " attitude. Well we have a lot of choice comes election time and when they too bad a boss we fired them haha.

Plenty of outlets to tell off bad politicians. After all 19 others parties want the seat haha.

Maybe our politicians here get to enjoy. What I see in America is not much of a choice. Right or Left.

Imagine a USA with multiple choices. Man politicians then serious has to work to win.