Corporates to get their hands on all that oil

The blog has previously looked at the recently passed Iraqi law relating to the disposition of that country's rich reserves of oil. As more information emerges about what is going on here look to a continued presence of foreign forces in Iraq for many years to come [perhaps 15 to 20] - not to protect the people [why bother about them?] but to ensure the flow of oil.

As AlterNet reports:

"The U.S.-backed Iraqi cabinet approved a new oil law Monday that is set to give foreign companies the long-term contracts and safe legal framework they have been waiting for, but which has rattled labour unions and international campaigners who say oil production should remain in the hands of Iraqis.

Independent analysts and labour groups have also criticised the process of drafting the law and warned that that the bill is so skewed in favour of foreign firms that it could end up heightening political tensions in the Arab nation and spreading instability.

For example, it specifies that up to two-thirds of Iraq's known reserves would be developed by multinationals, under contracts lasting for 15 to 20 years."

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