Why is Iraq the only oil rich country whose oil is privately owned?

Question

Does it have something to do with a certain oil man in the White House?

Answer 1

What are you talking about? The oil in Iraq is owned by the Iraqi Government, and they are trying to figure out a way to distribute the proceeds fairly among the different factions in Iraq.

Keep dreaming. We did not go to Iraq for the oil. I know, it sounds good, but the facts do not support it.

Vote for Rudy!

Answer 2

Proof? Facts? Sites?

Iraqi oil is owned by Iraq. What do you think the Iraqi government has been fighting over for 4 years?

Answer 3

It's not. US oil companies are privately controlled even though the public can invest in them. This is same for many Western Countries.

Answer 4

Iraq oil is owned by the Iraqi state ran oil corporations.

So it is state owned.

Who did you think owned it ?

Answer 5

Wrong. Iraq's oil is owned by the national oil company, INOC

Answer 6

Um, the Iraq government isn't privately owned by definition.

Answer 7

Of course. We all know Bush owns all the oil in Iraq.

Answer 8

It isn't. The Sultan of Brunei owns the oil fields in his country.

If none of the oil fields or refineries had been previously public owned, then how did we get all of those rich oil companies? You know, the ones that get us into all those wars.

Answer 9

I think the answer to your question lies within the provisions of the Iraq Oil Law that would privatize Iraq's Oil and disqualify them from membership in OPEC.

The Iraq Oil Law (Highlights):
-- The law would change Iraq's oil system from a nationalized model -- all but closed to U.S. oil companies -- to a privatized model open to foreign corporate control.
-- At least two-thirds of Iraq's oil would be open to foreign oil companies
-- Iraq National Oil Company would have exclusive control of only about 17 of Iraq's approximately 80 known oil fields. Remainder controlled by foreign interests.
-- Allows foreign interests (mainly US and Britain) to take 50% control of Iraq's oil reserves and takes control away from, thus destabilizes, the Iraq federal central government.
-- US oil companies can exercise long-term (30+ year) contracts without approval by the Iraqi Government
-- Production Sharing Agreements (PSAs) give foreign firms 70 per cent of the oil revenues to recover their initial investments and subsequently allow them 20 per cent of the profits without any tax or restrictions on the transferring of funds abroad."
-- Federal Oil and Gas Council (representatives from the foreign oil companies), not the Iraqi government, will have authority to approve (their own) contracts.
-- The Council, not Iraq government, will control production levels, so Iraq cannot be a part of OPEC anymore.
-- Foreign companies would not have to invest their earnings in Iraq, hire Iraqi workers, or partner with Iraqi companies."
-- The Iraqi government would not have control over oil company operations inside Iraq. Any disputes would be referred instead to pro-industry international arbitration panels.
-- No contracts would be public documents
Iraqi "Hydrocarbon Law" - This version passed the Iraq Cabinet, and was referred to the Parliament:
http://web.krg.org/uploads/documents/Draft%20Iraq%20Oil%20and%20Gas%20Law%20English__2007_03_09_h17m2s47.pdf

Other articles about Iraq Oil Law and US Interests:
-- Corporate Contracts
http://www.globalpolicy.org/security/issues/iraq/contractindex.htm
"US occupation authorities have assumed control of the reconstruction process and awarded lucrative contracts to US firms with direct links to the White House."
-- Oil in Iraq
http://www.globalpolicy.org/security/oil/irqindx.htm
The four giant firms located in the US and the UK have been keen to get back into Iraq, from which they were excluded with the nationalization of 1972. During the final years of the Saddam era, they envied companies from France, Russia, China, and elsewhere, who had obtained major contracts. But UN sanctions (kept in place by the US and the UK) kept those contracts inoperable. Since the invasion and occupation of Iraq in 2003, much has changed.
-- Crude Designs: The Rip-Off of Iraq’s Oil Wealth
http://www.globalpolicy.org/security/oil/2005/crudedesigns.htm
-- It's All About Oil: Dennis Kucinich Speech
http://www.zmag.org/content/print_article.cfm?itemID=12901§ionID=15
-- Western Oil Companies a Step Away from Iraq's 'Prize'
http://www.alternet.org/waroniraq/46389/
-- Was the Iraq War for Oil?
http://www.iraqoillaw.com/
-- Analysis: At odds with U.S. over Iraq oil
http://www.upi.com/Energy/Analysis/2007/05/31/analysis_at_odds_with_us_over_iraq_oil/5850/
-- Analysis: Iraq oil law author now a critic
http://www.upi.com/Energy/Analysis/2007/05/02/analysis_iraq_oil_law_author_now_a_critic/2419/
-- Benchmark Boogie: A Guide to the Struggle Over Iraq's Oil
http://www.alternet.org/waroniraq/56672/
-- Iraq is a Mass of Contradictions; Oil is at Their Center
http://www.alternet.org/waroniraq/58221/

Answer 10

Its owned by the Iraqi government.......thats what they are all squabbling over....how the government will disperse the profits around the country.......