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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 today.
Louise Richards, chief executive of aid charity War on Want, said: "People have increasingly come to realise that the Iraq war was about oil, profits and plunder."
"Iraq's oil profits, far from being used to alleviate some of the suffering the Iraqi people now face, are well within the sights of the oil multinationals."
Its reported about 20 per cent of its oil, worth 4.2 billion in US dollars, was smuggled out of the country.
Posted by grimreaper797,
I figured it would be pretty big news since the oil is being robbed right out of iraq since we won the war. this is all just a coincidence though, its not our fault
Rebuilding of Iraqi Pipeline as Disaster Waiting to Happen
When Robert Sanders was sent by the Army to inspect the construction work an American company was doing on the banks of the Tigris River, 130 miles north of Baghdad, he expected to see workers drilling holes beneath the riverbed to restore a crucial set of large oil pipelines, which had been bombed during the invasion of Iraq.What he found instead that day in July 2004 looked like some gargantuan heart-bypass operation gone nightmarishly bad. A crew had bulldozed a 300-foot-long trench along a giant drill bit in their desperate attempt to yank it loose from the riverbed. A supervisor later told him that the project's crews knew that drilling the holes was not possible, but that they had been instructed by the company in charge of the project to continue anyway.
A few weeks later, after the project had burned up all of the $75.7 million allocated to it, the work came to a halt. The project, called the Fatah pipeline crossing, had been a critical element of a $2.4 billion no-bid reconstruction contract that a Halliburton subsidiary had won from the Army in 2003. The spot where about 15 pipelines crossed the Tigris had been the main link between Iraq's rich northern oil fields and the export terminals and refineries that could generate much-needed gasoline, heating fuel and revenue for Iraqis.
For all those reasons, the project's demise would seriously damage the American-led effort to restore Iraq's oil system and enable the country to pay for its own reconstruction. Exactly what portion of Iraq's lost oil revenue can be attributed to one failed project, no matter how critical, is impossible to calculate. But the pipeline at Al Fatah has a wider significance as a metaphor for the entire $45 billion rebuilding effort in Iraq. Although the failures of that effort are routinely attributed to insurgent attacks, an examination of this project shows that troubled decision-making and execution have played equally important roles.
THE US government dispatched its top two foreign policy officials to Iraq yesterday in a dramatic show of support for the country’s emerging government.
The report, prepared by the office of the inspector general of Iraq's oil ministry, said the only solution is an urgent crackdown by Iraq's government.