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Posted on 09/11/2008 6:11:22 AM PDT by saganite
An Iraqi plan to award six no-bid contracts to Western oil companies, which came under sharp criticism from several United States senators this summer, has been withdrawn, participants in the negotiations said on Wednesday.
Iraq's oil minister, Hussain al-Shahristani, told reporters at an OPEC summit meeting in Vienna on Tuesday that talks with Exxon Mobil, Chevron, Shell, Total, BP and several smaller companies for one-year deals, which were announced in June and subsequently delayed, had dragged on for so long that the companies could not now fulfill the work within that time frame. The companies confirmed on Wednesday that the deals had been canceled.
While not particularly lucrative by industry standards, the contracts were valued for providing a foothold in Iraq at a time when oil companies are being shut out of energy rich countries around the world. The companies will still be eligible to compete in open bidding in Iraq.
The six no-bid deals were for work to increase Iraqi oil production from existing oil fields by half a million barrels a day — the same amount by which OPEC countries agreed Tuesday to reduce output. After its cancellation of the deals, Iraq reduced by 200,000 barrels per day its goal of producing 2.9 million barrels per day by the end of the year.
The deals would have been the first major oil contracts with the central government since the toppling of Saddam Hussein in 2003, though the Kurdistan region has separately signed more than 20 contracts.
(Excerpt) Read more at iht.com ...
Almost hard to be mad at them for going with the first country that says they’ll come in and get their output up.
Congress, get the hell out of the way!
Friggin’ unbelievable....
Well, the US Congress DID have to go on vacation.
Did the democrats drag their feet on this to impede progress in Iraq getting on its own feet?
What’s bad for Americans and for Iraq is good for democrats.
Please FReepmail to be added to the Congress Watch ping list.
disgusting
“Schumer said in a telephone interview on Wednesday. “It’s a good first step. Now let’s make progress on the long term” goal of passing a hydrocarbon law, he said.
Yeah, by all means, hydrocarbons are our first priority, Chuck.
No this was a good thing. The money from these oil companies would have gone straight into the hands of Iranian backed Shiite militias.
Gotta keep the price of oil up until the election. These people have ZERO interest in this countries security!
Hold on pal...dont forget the Republican scum in the Senate.
Folks ..call the Republicans Senatorial Committee 202 675 6000.
The contract was let anyways, to China instead of the investor owned companies.
Iraq oil contract for Chinese firm
http://www.freerepublic.com/focus/f-news/2079898/posts
BTTT! (ping)
Thx.
Because China doesn’t care about their dollars killing US Soldiers and Sunnis and Kurds. The Shiite Iraqis knew giving contracts to US Companies would give the US leverage over them. China doesn’t care as long as the oil flows.
Thx.
They are determined to make the USA a third world nation.
I don’t believe the China contract and these US contracts are the same thing.
Are you saying the money earned by the oil companies would be passed to terrorists? What a load!
So you’re a Democrat? I can’t imagine anyone here defending Chuckie. You may be the first.
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