Iraq Losing Millions To Oil Smugglers

Iraq losing millions to oil smugglers

http://www.busrep.co.za/index.php?fA...552&fSetId=662

(Gold9472: I could just see Dick Cheney on a pirate ship somewhere...)

October 10, 2005

Baghdad - About two million litres of fuel is being smuggled out of Iraq to neighbouring countries every day, Iraqi Oil Minister Ibrahim Mohammed Bahr al-Olum admitted in press remarks published Monday.

"Smuggling of oil derivatives is uncontrollable as the difference in prices in Iraq and neighbouring countries is great," Olum told the US funded Al-Sabah daily.

Iraq began importing 13 million litres of fuel at a cost of $200 million per month after the downfall of former dictator Saddam Hussein in April 2003.

Iraq's imports, from Kuwait, Turkey and Iran are meant to meet a shortfall in domestic oil supplies and consequently to secure increasing local demand.

"Revenues of exported Iraqi crude to the world markets during September totalled $2.6-billion with exporting averages of 1.6-million barrels per day," Olum said. - Sapa-dpa

Cheney's five-year tenure as chief executive of Halliburton, Inc., his oil services firm raked in big bucks from dubious commercial dealings with Iraq. Cheney left Halliburton with a $34 million retirement package last July when he became the GOP's vice-presidential candidate.

Of course, U.S. firms aren't generally supposed to do business with Saddam Hussein. But thanks to legal loopholes large enough to steer an oil tanker through, Halliburton profited big-time from deals with the Iraqi dictatorship. Conducted discreetly through several Halliburton subsidiaries in Europe, these greasy transactions helped Saddam Hussein retain his grip on power while lining the pockets of Cheney and company.

more:
http://www.sfbg.com/reality/04.html