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Friday, June 20, 2008

POSTWAR BUSINESS

"Iraq is close to signing oil service deals with several major Western oil companies in an effort to boost its output capacity, the country’s oil ministry said Thursday — the first major Iraqi contracts with big Western companies since the 2003 U.S.-led invasion. The deals, once signed, are something of a stopgap measure to help Iraq begin to increase production until the country is able to approve a new national oil law — now held up by political squabbles among Sunnis, Shiites and Kurds. But they also could mark the beginning of an important long-term toehold by big Western companies into Iraq’s potentially lucrative oil industry, by giving the companies a bidding advantage over other companies in the future." (MSNBC.Com, 19 June) RD

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