Big Oil Shut Out Of Iraq Deals

First new oil contracts go to China, India—even Vietnam and Indonesia

By Peter Fearon, Newser Staff

Posted Apr 6, 2007 8:24 AM CDT

(Newser) – U.S. oil companies are far from first in line as Iraq doles out its initial oil contracts. China, India—even Vietnam and Indonesia—have the inside track instead, thanks to contracts and infrastructure dating back to the Saddam regime, and more positive Iraqi sentiment. "They have no involvement with the secular or ethnic people," an Iraqi energy analyst says. "The conditions favor them."

The news may deflate some suspicions that oil lust motivated the U.S. decision to invade Iraq. Still, this round of contracts is small, and ExxonMobil, Chevron, BP and Shell could pull off the more lucrative long-term deals. "Giving a few crumbs to the Chinese and Indians is one thing," an analyst remarks; the Western companies "are biding their time."

' (Getty Images)

A Chinese-made oil rig (Getty Images)

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Big Oil Shut Out Of Iraq Deals

First new oil contracts go to China, India—even Vietnam and Indonesia

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Iraq Dumps Western Oil Deals

Plans scrubbed as talks drag on too long

House Passes Bill to Halt Big Oil Tax Breaks

Veto threat as Republicans call it industry discrimination

In Televised Auction of Oil Contracts, Iraq Plays Hardball

Oil ministry plays hardball on prices

Big Oil Deals Absent as Iraq Opens for Bids

No announcement of criticized contracts for Western companies

Oil Giants to Return to Iraq

Companies booted by Saddam win contracts to service Iraqi oil fields

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First new oil contracts go to China, India—even Vietnam and Indonesia

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OTHER STORIES ON OUR RADAR

Iraq • China • oil • Indonesia • Vietnam • India • Iraq oil • Exxon • Shell • Chevron • BP • business • United States • ExxonMobil • fuel

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Iraq Dumps Western Oil Deals

Plans scrubbed as talks drag on too long

House Passes Bill to Halt Big Oil Tax Breaks

Veto threat as Republicans call it industry discrimination

In Televised Auction of Oil Contracts, Iraq Plays Hardball

Oil ministry plays hardball on prices

Big Oil Deals Absent as Iraq Opens for Bids

No announcement of criticized contracts for Western companies

Oil Giants to Return to Iraq

Companies booted by Saddam win contracts to service Iraqi oil fields

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Site

Newser By Users

Community

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