Empire’s Creditor Gets Their Cut

Iraq will sign a $1.2 billion oil service contract with China to replace a production-sharing deal agreed under Saddam Hussein, an Iraqi newspaper quoted oil minister Hussain al-Shahristani as saying on Tuesday.

The oil minister is travelling to China at the end of this month to discuss the deal, which was orginally signed in 1997 between Iraq and the China National Petrolium Company (CNPC). (ht2 Blairwatch)

Although another contract signed under Saddam won’t be revived-

Shahristani also repudiated a Saddam Hussein-era deal with Russia’s largest private oil company LUKOIL , saying the contract was political and its terms “totally unfair”.

“Relating to the Russian contract, it was signed with the former regime for political reasons and scrapped by the former regime also for political reasons,” he said. “It is a totally unfair contract.”

Dumb Ruskies, don’t you know it pays to own debts.

5 Responses to “Empire’s Creditor Gets Their Cut”

  1. ralfast Says:

    That has got to be the stupidest excuse I have ever heard. I’ll like to know when a oil deal, the life blood of modern world, is anything but political.

  2. RickB Says:

    I wonder if he was always told to dump it, or since Georgia it’s become untenable.

  3. ralfast Says:

    Payback for Georgia, although Russia is one of the biggest producers of oil and gas in the world, so no problem for them. Instead they feed the Chinese dragon who is now sniffing the air for more tasty morsels.


  4. libhomo Says:

    I wish the US would get out of Iraq, so nobody would care about who Iraq sells oil to.

  5. RickB Says:

    Rafael- Yes as in Africa the main competition in oil is with China.

    GLH- it’s probably the reverse, get them signed then call off the heavies.

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