Iraq Revives Russia Oil Hope, Gets Debt Cut Pledge

[ze_dscherman]

MOSCOW (Reuters) - Russia offered to write off 65 percent of Iraq's $8 billion debt after Baghdad signaled that Moscow was in a good position to revive prewar oil contracts.

A member of Iraqi Governing Council, Samir Sumaidy, said Russia made the proposal at a meeting between President Vladimir Putin and the head of the U.S.-backed Iraqi Governing Council Abdul Aziz al-Hakim at the Kremlin.

"Putin has made an offer of Russia exempting Iraq from 65 percent of their debts. That is a decision made by Russia to be confirmed within the Paris Club," Sumaidy told reporters after attending a meeting at the Kremlin.

More: http://news.reuters.com/newsArticle.jhtml?type=worldNews&storyID=4032367

[54anickel]

1. Ewwww. This doesn't fit into the Boy Kings plans.

[ConcernedCanuk]

2. Well - dat's what Junior get's for pissing off da sleeping bear !!!

. n/t

[cosmicdot]

3. get everything in writing - who has control of Iraq's oil and contracts?

...of course, James Greaseman Baker is swilling for the Bu$h team ... so, watch your back, too ... paper is meaningless in dealing with the BFEE ...

[NickB79]

4. I thought Bush said only pro-war countries could recieve contracts?

But now the Iraqi's have hinted that they'll let Russia in on the action without Bush's approval, am I reading that correctly?

[GRClarkesq]

5. Not a US contact

The deal appears to be a write off of 65% of Iraqi debt in exchange for keeping prewar contacts for Russian oil companies to develop/maintain Iraqi oil fields.

I guess the Russian oil companies would be paid from Iraqi oil revenue.

Iraqi reconstruction is supposed to cost $100bn and the US has only put up $18bn.

[missile_bender]

6. Bush Inc. controls Iraq's oil

AFP said, "Some analysts speculate that one possibility is that Russia will write off Iraqi debt in exchange for winning back rights to Iraq's oil fields."

It doesn't appear that Iraq controls the oil fields. Bush Inc. is calling the shots.

In that case, Putin will learn that Bush is a lot less trustworthy than the Russian Mafia. Just ask the Democrats in Congress. Putin could stand to lose many billions of dollars in this deal. On the other hand, he may realize he's not going to get any of it back anyway.