Oil Minister Husain Shahristani announced on Monday that negotiations had broken down for the moment between his ministry and 4 oil majors over their provision of technical assistance to Iraqi oil fields. He had offered them fees, they wanted a share of the petroleum instead. He refused. The oil majors appear to think the petroleum will increase in value, and so is much better than set cash fees. The negotiations will continue.Hmmm. These would be the same contracts the U.S. State Dept has been helping Iraq's Oil Ministry negotiate. BUT: this was and is NOT a War for Oil!
Have a nice day.
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