(Iraq) Parliament Passes Law to Privatize Refineries

[Barrett808]

Source: UPI

Parliament Passes Law to Privatize Refineries
Measures Designed to Boost Iraq's Capacity, End Fuel Shortages
By BEN LANDO

WASHINGTON, July 25 (UPI) -- Iraq's Parliament has approved a law privatizing the country's oil-refining sector in order to lure investment and stem a fuel shortage.

The law, approved Tuesday, is a step toward relinquishing government involvement in the refining sector and, when poverty is alleviated, moving Iraqi consumers from state-subsidized to market prices for fuel.

Oil Minister Hussain al-Shahristani told United Press International Wednesday from his mobile phone in Baghdad that the government will provide incentives to both domestic and foreign private oil companies whose refinery plans the ministry approves.

"This is a law that will privatize the refining sector in Iraq and allow the private sector, whether it's local or international investments, to be able to invest in refining activities in Iraq, including building refineries," Shahristani said.

The refinery law is not the same as the highly contested oil law, stuck in Parliament, which would govern access to and development of Iraq's vast oil reserves.

Read more: http://www.iraqslogger.com/index.php/post/3721

[youngdem]

1. Mission Accomplished

[razors edge]

2. Finally, took long enough.

:sarcasm:

[aquart]

3. Okay, that makes me laugh.

"Attract investors"?????

Capital FLEES conflict areas for non-conflict areas. It's called "flight capital." Because it has fled.

Now, everyone wants the oil, no question. But putting money into Iraq or anything in it right now is nutty.

[InkAddict]

4. But money doesn't bleed.

and investors stay cozily out of the way of airborne debris and body parts. Or take shelter in some very weird unknown locations. We've seen a few mis-spoken prospectuses, no? Why, I bet a few even receive a great "cover" portfolio to Dick-er with. Write-off needed anyone? Hey, just ask the Monopoly Bank for a loan and off to the camel races! Now we're absolutely sure there's no WMDs about, so its all quite safe to put up a little green house on Bagdad Place. What could go wrong where freedom reigns?

[aquart]

5. You don't build a factory in a war zone. Or a refinery.

Not unless you are really stuck for a write-off. And I'm sure you believe in your sarcastic wit but it plays against your point.

[Robbien]

6. I don't know about that. China is doing great in the Sudan

It has huge complexes out there which of course fuel the conflict with Chinese protection money going to the warlords. Most of all the Latin American oil/gas operations were privatized and set up during the times of conflict.

During conflicts, labor is cheap. Citizens are totally distracted with concerns about their security and getting food and shelter. And governments are corrupt so it is easy to establish a security complex around one's operations where anything goes .