Friday, July 01, 2005

"Perhaps the most underreported story in Iraq today is the theft of its oil revenues. Thanks to the high price of crude, Iraq should make well over $20 billion from oil sales this year, yet almost none of this money seems to be going to actual reconstruction projects (added emphasis). One senior Iraqi official told me recently that the theft of oil revenues today is making Saddam Hussein's regime look frugal by comparison. "
Five Ways to Win Back Iraq New York times op-ed, July 1, 2005

One might sense that the New York Times' title is implying that the U.S. has already lost Iraq; but back to Iraqi oil:

"Iraq would need investment of $25 billion over the next five or six years to renovate its oil and gas infrastructure, former Oil Minister Thamer al-Ghadban told an Istanbul conference. The lion’s share of $20 billion would be for the oil sector, mainly upstream, with the rest going to the gas industry. The investment "can only be made with the help of foreign investors," (added emphasis) added al- Ghadban".
Iraq Needs Massive Investment to Repair Oil Sector: Ex-Minister International Oil Daily (paid subscription) July 1, 2005

One might surely expect that the now inviting ex-minister would have an idea of where the Iraqi oil money has been pouring, under his watch, during the past two years, no? (see my earlier posting Oil !! .... What oil ??)

Iraq's Occupation Explained .... Got Oil?