The Story That Could Save Iraq?

If not the one, it could certainly be one of them. Pundita seems pleased. I'm not a big fan of Putin, but once Russia starts to sniff the oil money behind a re-activated 4 Billion dollar contract, I doubt they'll want the opportunity to blow up - literally, or figuratively.

That creates a new friend inside Iraq, one with new reasons to not want Iran causing more trouble in Iraq.

(link) Lukoil, the Russian oil company, is poised to resurrect the $4bn (£2bn) contract it signed with Saddam Hussein's regime to develop one of Iraq's largest oil fields.

The company's US rival Conoco-Phillips will also benefit as it has a stake in the joint venture with Lukoil to develop the West Qurna-2 field, which holds up to 16 billion barrels of oil.

Iraq's long-awaited hydrocarbon law, which will soon be put before the Iraqi parliament, contains a provision that states that existing contracts to develop the country's 115 billion barrels of reserves remain valid, subject to revision. Article 31 of the draft obtained by The Independent on Sunday says: "Any contract made under existing law concerning Exploration and Production of Petroleum in the territory of Iraq shall remain valid."

Comments

[Crust]

"Iraq's long-awaited hydrocarbon law, which will soon be put before the Iraqi parliament..."

Hmmm, that may pose somewhat of a problem seeing as Iraq doesn't seem to have a functioning parliament anymore. See http://www.tpmmuckraker.com/archives/002398.php

[scarshapedstar]

Hmm, well, I do keep hearing the "Iraq needs a dictator" argument... I just didn't think it would be Putin.

[Legalize]

Yes, the solution for Iraq is clearly a less competent, Mussolini-lite regime.

[warrenb]

You are a MORON Dan. Give it up.

[Phoenix]

Ahh, the sweet crude of capitalism. I wonder if Hugo is have a bad day? :)

And Bush last night stated that we're doubling our reserves? Wow. I wonder why? I bet some foreign leaders took note of that part of his speech.

[Observer]

Gee a few weeks ago I read of how the parliament was having issues with the split of profits between the government and foreign entities upgrading or exploring the oil resources.

Now suddenly we have an agreement on something with Putin who just welshed on a Soviet gas deal with Shell or some other company to effectively take control.

Watch you back, it's a popular place to get stabbed.