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Russia fears US oil companies will take over world's second-biggest reserves
(Andrew Buncombe, The Independent, 26 September 2002)
Oil companies from around the world are manoeuvring for the multibillion-dollar bonanza that would follow the ousting of Saddam Hussein. . . . Russia is so concerned that it has been holding secretive talks with the Iraqi opposition to shore up its economic interests in the country which still owes Moscow $7bn dollars from Soviet times. . . . Oil industry experts say there is growing concern that America would dominate the Iraqi oil industry after Saddam. As a result, a number of oil companies have reportedly held talks with the Iraqi opposition to ensure they are involved in any future deals. . . . In this environment, it is likely that most leading oil companies are actively trying to position themselves to operate in Iraq if Saddam is overthrown. The US oil giants ExxonMobil and ChevronTexaco both refused to say whether they had been holding talks with Iraqi opposition. Both said, however, that they would be interested in operating in Iraq if sanctions permitted.

posted by LoZo 5:16 PM