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Blog Entry [details and replies]
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 BeyondLabels :: Multiculturalism, Education & Technology
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Weblog | 51 entries | 23-April-2007 | 2 authors |
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Handing over Iraqi Oil to Multinationals
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Blog Entry | 0 replies | 25-February-2007 | Glenn Hardaker |
Iraqi oil industry was nationalised in the early 1970's but the Iraqi parliament is on the verge of reversing this by passing new legislation to restructure. What is being proposed effectively hands over control to multinational oprganisations. This would I guess lead to destructive competition for oil production. Legally the oil will remain the "property of the nation". But the implications will be that "exploration and production contracts" will give exclusive rights to search for and pump out oil in specific areas. Most of the middle east have nationalised oil and reflects the importance to there economic develop... If pushed through Iraqi parliament it seems to be sucking a country of its key resource.
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