unless of course that oil law sees the light of day following next month's dance with with the Iraqi parliament. Every time the law to divvy up the black gold makes a come-back..I expect passage to be likely...just due to absence through death of some of the members. Maybe this time?
WEDNESDAY, AUGUST 15, 2007
16:01 MECCA TIME, 13:01 GMT
Prominent Iraqis criticise oil law
By Ahmed Janabi
Al-Chalabi says Iraqi oil experts must be consulted
A statement, signed by 419 Iraqi oil experts, economists and intellectuals, expresses grave concern that the newly proposed law would deprive Iraq from its most vital natural resource, oil, and give foreign oil companies ultimate domination over Iraq's oil wealth.----------------------------------------------------------------------------
Al Jazeera spoke to Kamal al-Kaisi, a former oil ministry official and Iraq's representative to Opec 1979-1985. He said: "The question is: Do we really need that oil law? Is it really that urgent, and cannot wait until Iraq is better off?
"Iraq has achieved the nationalisation of oil in 1973, we ran our oil industry effectively for decades, before and after the nationalisation, and our experience has become a model for the region's countries.
Production-sharing agreements, which would allow foreign oil companies to invest in oil, and pay a profit margin to the government have been widely criticised by Iraqi oil experts.
Al-Kaisi said: "If we want to increase oil production, then we do not need to risk our necks by surrendering our oil to foreign companies, it could be done internally. Iraq is full of high-quality oil engineers. All we need is to borrow some money, may be, but we definitely do not need the production share agreements (PSA).
"The nation is in ruins, people are afraid to stay in their own homeland, foreign troops are occupying the country, the government alliance is falling apart - among many other problems. Is the oil law a priority in such circumstances?
The proposed oil law licenses PSA for the first time in decades. The law states that foreign oil companies would pay 12% profit margin to the Iraqi government. Oil experts say this is an unjustifiably small figure in the light of the current high oil prices.Source: AlJazeera
http://english.aljazeera.net/NR/exeres/AD19F8CA-E314-4901-8DDE-450A31ED2255.htm