Thursday, November 24, 2005

things that make you go hmmmmnnnnn...

Up to $US194 billion ($263 billion) in Iraqi oil revenues are going to multinational oil companies under long-term contracts, and not to the Iraqi people, a social and environmental group said.

In a report, the group known as Platform said that oil multinationals would be paid between $US74 billion and $US194 billion with rates of return of between 42 per cent and 162 per cent under proposed production-sharing agreements, or PSAs.

"The form of contracts being promoted is the most expensive and undemocratic option available," Platform researcher Greg Muttitt said.

"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.
Once these contracts are signed, will our troops will start coming home?
(via)

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