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NEWS: Iraq wants control of oil money

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posted on May, 19 2004 @ 12:28 PM
Iraqi Deputy Foreign Minister Hamid Bayati has said they Iraq will ask the UN today for complete control of oil reserves including money held by the US Federal Reserve from the sale of oil, as well as a lowered amount of money "owed" by Iraq for war reparations.

The Iraqi delegation will argue that since the reparations are for wars started by Saddam Hussein, the new Iraqi government should not be liable for paying them. They will further argue that the two countries owed the greatest damages, Saudi Arabia and Kuwait, benefited from the ban on exportation of Iraqi Oil. Presumably they will argue that this is tantamount to paying reparations.

Currently, Iraq's reparations "debt" has been set at 5% of oil revenues.

BBC News

Iraq is expected to take control of the funds after the Coalition hands formal power to Iraqi leaders on 30 June, though the US wants to keep an international board in place to monitor the account.

Mr Bayati said that Iraq must play a full role in any decision making process.

Iraq has so far paid about $20bn (11.3bn) in war reparations and the UN last year cut the percentage of oil revenue it hands over to 5% from 25%.

But money from the sale of crude oil is set to play a vital role in financing the rebuilding of Iraq, as well as helping the nation re-establish its independence, analysts said.

Since the US-led invasion of Iraq last year, revenue from oil sales has totalled more than $9 billion.

Please visit the link provided for the complete story.

Perhaps the reparations could be deferred at least a bit to let these poor folks rebuild and get back on their feet. As for culpability, that is a tough issue. Who is really responsible? I guess the only fair way is to hold the entire country respnsible for the actions of their leader, no matter how well-liked or disliked that leader may have been.

Just how much do they "owe"? How long would it take to pay off? At 5% of $9 billion per year, they would pay out roughly $450 million.

Related Links
Guardian Unlimited
Iraq Net

[Edited on 19-5-2004 by Zion Mainframe]

posted on May, 19 2004 @ 01:24 PM

Originally posted by Hamburglar
.....reparations could be deferred at least a bit to let these poor folks rebuild and get back on their feet.

Let 'em pump more oil. Look how much we've sunk into their country. Are we going to get a liberation fee?!

posted on May, 19 2004 @ 02:03 PM

Originally posted by HamburglarJust how much do they "owe"? How long would it take to pay off? At 5% of $9 billion per year, they would pay out roughly $450 million.

Here's some information on Iraq's debts:
"Since the establishment of the UNCC, 2.6 million claims have been filed with the UNCC, and $46.25bn has been awarded to corporations, governments and individuals. $17.78bn has already been paid out of Iraqi oil revenues through the Oil-for-Food fund. $97.9bn of claims have yet to be processed by the UNCC, and Jubilee Iraq estimates that additional awards will be around $20-30bn. "

With approx $30 billion in unpaid debts, I guess it would take 60 years to pay off at 5% of oil profits.

If the other outstanding claims get awarded, it'll take hundreds of years.

That's assuming oil prices stay high.
If they go down to $20 a barrel again, it'll take even longer.

posted on May, 19 2004 @ 03:01 PM
I agree that the new (liberated Iraq) should not be liable for old debts, because the country needs to heal after the destruction done during the (liberation) the oil in Iraq belongs to the iraqui people is their natural resource and they should be the ones to do with it whatever they want to do with it. I think is only fear.

posted on May, 20 2004 @ 02:05 AM
The oil is their economic lifeblood, at least until Kofi and the French move back in to suck it away from them. I could never understand how the Iraqi people allowed "insurgents" or "freedom fighters" or whatever you want to call them, to set fire to the oil fields. Makes absolutely no sense to me.

posted on May, 20 2004 @ 02:40 AM
The iraqi people should get their oil they've been through enough without having other people sucking them dry

posted on May, 20 2004 @ 03:36 AM
I do believe that the US went in there to help Iraq, but also need to take the responsibility of rebuilding it as well. So, I feel that Iraq should not have to pay pack for the stuff that we blew up. But, working together and helping to build what is missing should be a joint venture. But, I feel that should happen after the control is turned over to the Iraqis and let them decide where and where not to spend the money. I wish both sides luck in the process. Too much US against THEM mentality....

posted on May, 20 2004 @ 07:50 AM
JCMinJapan, Very good replay, I agree with you 100%

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