Global News Journal

Beyond the World news headlines

Iraq: was it all about the oil?

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iraq-oil-minister-2.jpgFive years after the U.S.-led invasion to topple Saddam Hussein, Iraq is throwing open its oil sector to foreign oil firms  in a way Saudi Arabia, Kuwait and others in the region are reluctant to. Oil Minister Hussain al-Shahristani says no company will have any special privilege.

Some  analysts take a different view. They reckon U.S. and British oil majors are in a strong position to help develop the world’s third-largest oil reserves. Exxon Mobil, Chevron, Royal Dutch Shell and BP head the queue. They have already built up a relationship with Iraq’s oil officials by negotiating short-term technical deals.

Now Iraq is inviting bids for long-term development contracts at its biggest fields, the “backbone of its industry” in the words of Shahristani. He believes Iraq could become the world’s second- or third-biggest oil producing country, rivalling Saudi Arabia and Russia.
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Are U.S. and British firms obvious choices as partners because of their expertise? After all, before the U.S.-led invasion Iraq often preferred Russian firms. Or are U.S. and British firms reaping the benefit of their governments’ policies?

Who’s the biggest bully?

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Ireland’s PMEach side accuses the other of trying to scare voters ahead of Ireland’s referendum on the EU treaty on Thursday.
“No” groups have campaigned on issues ranging from abortion and euthanasia to taxation and Ireland’s military neutrality. They also say new decision-making mechanisms mean small states will lose influence and get trampled by the EU’s heavyweights.

The government’s response is to accuse treaty opponents of scaremongering by campaigning on emotive and extraneous issues that will not be affected by the treaty.
In some cases neutral voices are inclined to agree, with the Catholic archbishop of Dublin and referendum commission weighing in to say there is nothing in the treaty that threatens Ireland’s strict abortion and euthanasia laws.
The government warns of “dire consequences” for Ireland’s economy and diplomatic clout if a nation that has gained so much from EU support and subsidies is ungrateful enough to reject the treaty.
The “No” camp accuses the government of bullying, blackmail and exaggeration. Indeed a number of economists say that while a “Yes” vote would be best for future prosperity, rejection of the treaty is unlikely to have any severe repercussions.
So who is the biggest bully in the playground? Or is it just an inevitable flaw in referendums that they become a lightning rod for irrelevant issues and for politicians who don’t trust us to be able to debate the question we’re being asked?

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