Doubts surface on control of Iraq oil revenue

Doubts surface on control of Iraq oil revenue
By James Drummond in Baghdad
Published: May 4 2004 19:31 | Last Updated: May 4 2004 19:31

Differing interpretations of control over Iraq's oil revenues emerged on Tuesday in Baghdad, potentially calling into question the financial independence to be ceded to the interim government that is due to take charge of the country in July.

Adnan Pachachi, a senior Iraqi politician who is viewed as a candidate for president during the period until elections can be held, said he expected the interim government to control oil revenues, subject to provisos on the repayment of debt and compensation to Kuwait.

However, the Coalition Provisional Authority (CPA) said that the status of future oil receipts would have to be resolved via a future United Nations resolution. On the CPA's interpretation, an interim administration would not necessarily have the authority to spend oil money as it saw fit.

Future control of Iraq's oil revenues, the country's main source of wealth, is an essential test of its sovereignty, which the US says it is committed to handing over on June 30. The interim government is due to be named - rather than elected - later this month by Lakhdar Brahimi, the UN special envoy, in consultation with the CPA and Iraqi leaders.

(more)

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1083180270210

:eyes:

http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/2003/pdf/03-13412.pdf

gosh do the Canadians have to tell ya ever'thin?
(just kidding ... Randi Rhodes ranted about it a few weeks ago)

In the fine tradition of subsidiary smoke an' mirror deals.

Shameful