Iraqis face the dire prospect of losing up to $200bn (£116bn) of the
wealth of their country if an American-inspired plan to hand over
development of its oil reserves to US and British multinationals comes into
force next year. A report produced by American and British pressure groups
warns Iraq will be caught in an “old colonial trap” if it allows foreign
companies to take a share of its vast energy reserves. The report is certain
to reawaken fears that the real purpose of the 2003 war on Iraq was to
ensure its oil came under Western control.

The Iraqi government has announced plans to seek foreign investment to
exploit its oil reserves after the general election, which will be held next
month. Iraq has 115 billion barrels of proved oil reserves, the third
largest in the world.

According to the report, from groups including War on Want and the New
Economics Foundation (NEF), the new Iraqi constitution opened the way for
greater foreign investment. Negotiations with oil companies are already
under way ahead of next month’s election and before legislation is passed,
it said.

Article continues
here.

The more we hear the more it seems everyone is getting rich from Iraq except
for the Iraqis.