ECO-TERRORES
Iraq's oil
In the past few weeks, leading firms such as TotalFinaElf (of France), Eni (Italy) and Repsol YPF (Spain) have signed bilateral deals to bring Iraq's oil to market. These European countries now have a greater incentive (should they need it) to think twice before supporting any invasion. [...]
There are now over 30 deals signed and ready to be implemented the moment that sanctions are lifted. Compared with most international norms, Iraq's beleaguered leader has offered terms that seem pretty generous. For example, say analysts at Deutsche Bank, plausible rates of return are “of the order of 20%”. Some of these contracts are for exploring the vast western desert of Iraq, which some experts suspect could hold huge new reserves.
All this must be bad news for those excluded from the party: the Americans.