IMO, they seek to control the oil in the Gulf-States, no matter the humanitarian cost. France, Germany, Russia turned their eyes from the genocide in Iraq for oil deals just to name one place. (Doing the same in the Sudan I believe) Buying, selling, building, undercutting the West in exchange for weapon technology that Saddam wanted. That same deal is being struck with China despite EU embargo's. Sooooooooooooooooo.... oil/fuel is indeed da' answer, and the key to the controlling the global economic engines across the world.
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Let's not forget what Saddam used to kill hundreds of thousands of Iranians with in the Iran/Iraq War, and where it came from - just to keep history in perspective.
unfortunately for the EU, they don't have very much oil of their own beyond the north sea, and they will end up being the odd man out in the oil deals. dishonesty and backstabbing will only go so far...