http://www.khaleejtimes.ae/DisplayArticleNew.asp?xfile=data/focusoniraq/2006/September/focusoniraq_September186.xml§ion=focusoniraq&col=WASHINGTON - Iraq’s most important moneymaker - its oil industry - lost $16 billion (euro12.6 billion) in two years to insurgent attacks, criminals and bad equipment, a secret US audit says.
The Baghdad government “must take bold action” to protect its oil and electrical facilities, concludes an unclassified summary of the classified audit.
“Iraq cannot prosper without uninterrupted export of oil and the reliable delivery of electricity,” Stuart W. Bowen, Special Inspector General for Iraq Reconstruction, said in the summary released Thursday.
In addition to the estimated $16 billion (euro 12.6 billion) export revenue lost between January 2004 and March 2006, Bowen said Iraq also is paying billions of dollar to import refined petroleum products it needs.
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