Iraq's oil industry in grip of despair

[Barrett808]

Iraq's oil industry in grip of despair
By Peg Mackey

LONDON, Nov 29 (Reuters) - The present state of Iraq's collapsing oil sector, its economic lifeline, is bleak and its future looks far worse, despairing officials say.

Another damaging oil attack this week, the prospect of British troops handing over the oil city of Basra and virtual civil war have all but crushed hope for Iraqi officials battling to keep exports flowing to world markets.

"One thing is sure. The worst is yet to come," an Iraqi oil industry source said by telephone from Baghdad.

His task is made harder still by gross mismanagement at the oil ministry and chronic underinvestment in the vital sector -- already neglected for decades due to sanctions and wars.

"There is no line of authority at the oil ministry," said an oil official in the capital. "We are crippled. We have the resources and the finances and we are still failing...Our country may be dismantled -- farewell to central government. This is the danger."

(more)

http://www.alertnet.org/thenews/newsdesk/L27909414.htm

[xchrom]

1. i guess the share holders and board of directors will be handing out coal

as christmas gifts this year.

not.

[NOLADEM]

2. Never Fear...Dick is here

Cheney just got back from giving Iraqi oil to the Saudis in exchange for help on security. Iran will take the East. Kurds will claim the north until Turkey takes it all back from them.

They have everything to worry about.