Iraqi Oil-The Greatest Robbery in the History of Mankind

As a follow up to my previous post about the oil and the "No Bid" contracts that are about to be given to the big US and British oil companies. I happened to know a bit more about the details of the new contracts that will be signed very soon and some major changes in the policies previously announced by the Iraqi government. I won't comment (I'm sick of the whole thing) but I want to draw the attention to the organized theft led by the US and the UK in collaboration with Al Maliki government:

The following are new notes and observations;

1-Iraq is officially flinging open six of its major oilfields, accounting for half of its known reserves, to foreign investors. According to Iraq's oil minister, the long-term contracts will be signed within a year. While ostensibly under the control of the Iraq National Oil Company, foreign corporations will keep 75% of the value of the contracts, leaving just 25% for their Iraqi partners. That kind of ratio is unheard of in oil-rich Arab Gulf states.

2-According to Greg Muttitt, a London-based oil expert, the assumption up until now was that foreign multinationals would be brought in to develop new fields in Iraq - not to take over those which are already in production and therefore require minimal technical support. "The policy was always to allocate these fields to the Iraq National Oil Company," he said. "This is a total reversal of that policy, giving the Iraq National Oil Company a mere 25% instead of the planned 100%."

I won't comment as I said but will keep you posted on any new updates!