A textbook example of neo-colonialism, with the new constitution that's not really a constitution, Iraq is handing over it's oil business to US and UK petroleum firms. It's not as though Iraq could use a few hundred billion dollars to rebuild after years of blockade and then war and what average Iraqi citizen would not want BP, ExxonMobil and Shell to bleed the country of profits? And what patriotic American would not want their son or daughter to die so Big Oil can generate new profits? Those Iraqis need help and thankfully our dear friends in the petroleum business are there to help with profit levels well above the norm compared to other oil locations. Uh huh, this war had nothing to do with oil at all, especially if you are talking about a US or UK oil company.
According to the report, from groups including War on Want and the New Economics Foundation (NEF), the new Iraqi constitution opened the way for greater foreign investment. Negotiations with oil companies are already under way ahead of next month's election and before legislation is passed, it said.
Yesterday's report said the use of production sharing agreements (PSAs) was proposed by the US State Department before the invasion and adopted by the Coalition Provisional Authority. "The current government is fast-tracking the process. It is already negotiating contracts with oil companies in parallel with the constitutional process, elections and passage of a Petroleum Law," the report, Crude Designs, said.
