The United States government does not control, or profit from, Afghanistan's or Iraq's oil.
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Proposed Iraq oil law mired in controversy
Sunday, January 28, 2007
By KIM GAMEL Associated Press Writer
BAGHDAD, Iraq - Iraqi officials say a hotly debated proposed oil law will not favor Americans but acknowledge that foreign companies will be allowed to take their profits out of the country - an incentive to draw foreign investment.
The Oil Ministry has been struggling for months to reach a compromise over draft legislation to govern Iraq's most important industry and pave the way for much-needed investment and know-how to revitalize the devastated infrastructure. But the measure faces strong objections by ethnic Kurds and concern about American influence in the sector.
Published reports in the Middle East said the proposal would provide for so-called product sharing agreements that would give international oil firms 70 percent of the oil revenues to recover their initial investments and subsequently allow them 20 percent of the profits without any tax or restrictions on transferring funds abroad.
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Without a decisive military victory, the U.S. occupation of Iraq seems to be about to grab its oil prize by establishing a new sharing arrangement," the English-language Yemen Observer said Saturday, echoing a frequent criticism that the U.S.-led invasion was aimed in part at capturing Iraq's oil.
[http://www.cantonrep.com/index.php?ID=332795&Category=24]
