Iraqis miss oil fortune: report (billions going to foreign oil companies)

Iraqis miss oil fortune:

reportNov 24 06:53
AFP

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....

"The companies will inevitably use Iraq's current instability to push for highly advantageous terms and lock Iraq to those terms for decades."

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Crude Designs - The rip-off of Iraq's Oil Wealth

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