Report Cites U.S. Profits in Sale of Iraqi Oil Under Hussein

[southernleftylady]

ASHINGTON, Oct. 8 - Major American oil companies and a Texas oil investor were among those who received lucrative vouchers that enabled them to buy Iraqi oil under the United Nations oil-for-food program, according to a report prepared by the chief arms inspector for the Central Intelligence Agency.

The 918-page report says that four American oil companies - Chevron, Mobil, Texaco and Bay Oil - and three individuals including Oscar S. Wyatt Jr. of Houston were given vouchers and got 111 million barrels of oil between them from 1996 to 2003. The vouchers allowed them to profit by selling the oil or the right to trade it.

The other individuals, whose names appeared on a secret list maintained by the former Iraqi government, were Samir Vincent of Annandale, Va., and Shakir al-Khafaji of West Bloomfield, Mich., according to the report by the inspector, Charles A. Duelfer.

The fact that these companies and individuals received oil from Iraq does not mean they did anything illegal, experts on the program said. Such allocations may have been proper if the individuals and companies received appropriate United Nations approval.
http://www.nytimes.com/2004/10/09/international/middleeast/09sanctions.html?oref=login&oref=login&oref=login