"The US has strategic targets to achieve by dominating Iraq's oil, which are to have a card against the rising powers in Asia, India and China who are competing world's main oil demanders. And the second target is to secure Israel's oil needs according to the Israel-United States Memorandum of Understanding of 1975."
The memorandum, signed on September 1, 1975, says: "Israel will make its own independent arrangements for oil supply to meet its requirements through normal procedures. In the event Israel is unable to secure its needs in this way, the United States Government, upon notification of this fact by the Government, of Israel, will act as follows for five years, at the end of which period either side can terminate this arrangement on one year's notice." The memorandum has been renewed every five years.
On June 20, 2003, Binjamin Netanyahu, then Israeli finance minister, spoke in London to a group of investors saying that Iraqi oil would flow through Jaffa oil pipeline sooner or later.
Netanyahu told Reuters that the Israeli government was in negotiating the reopening of Mosul-Jaffa oil pipeline, which was shut off in 1948 upon the creation Israel..."
2006-07-25
10:04:35
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12 answers
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Anonymous
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Politics