The new rape of Iraqi Oil

02/19/07 "ICH" --- - I spent the weekend translating this leaked copy of the Iraqi oil law with Niki (thank you Salam for sending me the link). Translating legal documents can be really hard!

We just finished the translation, and you can download it by clicking here. [pdf]

Please feel free to widely distribute this document. It's important to start a stronger debate and to try to educate Iraqis and Americans about this catastrophic law that will facilitate the further looting of Iraqi oil, and will achieve nothing other than increasing the levels of violence and anger in Iraq.

This law legalizes PSAs (production sharing agreements) in Iraq. Iraq will be the only country in the middle east with such contracts privatising Iraqi oil and giving foreign companies crazy rates of profit that may reach to more than three fourth of the general revenue. Iraq and Iraqis need every Dinar that comes from oil sales. In addition to the financial aspects of this law, it can be considered the funding tool for splitting Iraq into three states. It undermines the central government and distributes oil revenues directly to the three regions, which sets the foundations for what Iraq's enemies are trying to achieve in terms of establishing three independent states.

Privatizing Iraq's oil and splitting Iraq into three regions are just two negative features of this 29 pages law. I am translating some important analysis written by Iraqis and other Arabs, and am also working with British and U.S. experts to publish more analysis soon.