Iraq poised to hand control of oil fields to foreign firms

Baghdad under pressure from Britain to pass a law giving multinationals rights to the country's reserves

Heather Stewart, economics correspondent
Sunday February 25, 2007
The Observer

Baghdad is under pressure from Britain and the US to pass an oil law which would hand long-term control of Iraq's energy assets to foreign multinationals, according to campaigners.

Iraqi trades unions have called for the country's oil reserves - the second-largest in the world - to be kept in public hands. But a leaked draft of the oil law, seen by The Observer, would see the government sign away the right to exploit its untapped fields in so-called exploration contracts, which could then be extended for more than 30 years.

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