Iraq and China agree terms on $3 billion oil deal
by Rich Bowden - Sep 2 2008, 23:21
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China is not the first to sign an oil contract with Iraq.
According to 'Iraq in Fragments' by Eric Herring and Glen Rangwala, shortly before J. Paul Bremer left Baghdad, six international oil companies signed forty-year agreements to develop, rehabilitate, produce, and market the oil from the State Oil Marketing Organization. They characterize the lengthy contracts as “back door privatization.” The Oil Ministry estimated in 2008 that foreign companies controlled 87 percent of Iraqi oil.
Michael Haas, Ph.D. (Political Science)
Los Angeles, CA
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