Oil giants are poised to move into Basra (Iraq)

[w¡n9Nµ7 §£@¥€r 123]

Western oil giants are poised to enter southern Iraq to tap the country's vast reserves, despite the ongoing threat of violence, according to Gordon Brown's business emissary to the country.

Michael Wareing, who heads the new Basra Development Commission, acknowledged that there would be concerns among Iraqis about multinationals exploiting natural resources.

Basra, where 4,000 British troops are based, has been described as 'the lung' of Iraq by Prime Minister Nouri al-Maliki. The region accounts for 90 per cent of government revenue and 70 per cent of Iraq's proven oil reserves. It has access to the Gulf and is potentially one of the richest areas in the Middle East, but continues to be plagued by rival militias.

Wareing, international chief executive of KPMG, was asked by Brown to help kick-start business in the Basra region in the hope that prosperity will bring stability. On his first visit last week, he met officials and business leaders but a sandstorm forced him to cancel a flight to Baghdad to meet Maliki and General David Petraeus, the US's commanding officer in Iraq.

In the first interview since his appointment, Wareing, 53, told The Observer that security had improved significantly in recent months and was no longer an issue for investors. 'If you look at many other economies in the world, particularly the oil-rich economies, many of these places are quite challenging countries in which to do business,' he said. 'Frankly, if you can successfully operate in the Niger Delta, that is a very different benchmark from imagining that Basra needs to be like London or Paris.'

Iraq's parliament has yet to pass a hydrocarbon law setting out the terms oil companies will operate on and how profits will be split. 'My sense is that many of the oil companies are very eager to come in now, and actually what they're waiting for is the hydrocarbon law to be passed and various projects to be signed off. That is what is causing them to pause, rather than the security position,' he said.

Wareing declined to name names but it is thought that Shell, Exxon Mobil and dozens of others are watching closely.

http://www.guardian.co.uk/world/2008/feb/2...ed=networkfront

[peejay 327]

No surprises there. I'll leave it at that.

[mawilson 2,133]

Good news, finally!

[hafiz 1]

Western oil giants are poised to enter southern Iraq to tap the country's vast reserves, despite the ongoing threat of violence, according to Gordon Brown's business emissary to the country.

Thank God finally, go get that oil, so at least somebody can benefit.

[aidan80 9]

Western oil giants are poised to enter southern Iraq to tap the country's vast reserves, despite the ongoing threat of violence, according to Gordon Brown's business emissary to the country.

Thank God finally, go get that oil, so at least somebody can benefit.

Who benefits?.. unless I'm mistaken it won't be the Iraqi people or the American people it'll be the greedy bastards in the oil companies and their cronies in government!.. Capitalism hard at work.. making the rich richer and the poor.. well they get to fight it out for the boss'...

[Don_Joy's Prince 0]

Lets suck it out! Every last drop! At market prices of course.

We have been accused of trading blood for oil so many times by the the left wing loonies that if I here it it again I think I'll vomit.

We have payed the blood, now where is the oil!

And how dare them dirty bastards make a profit. I think everyone should just work for free! So no one will ever be tainted by that sinful profit.

This is great news in my eyes!