Al Jazeera - Nicole Johnston - Iraq Oil Package

Video: Suspicion shrouds oil deals

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 Oil firms eye Iraq profits 
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Opponents of the war in Iraq say that the US only invaded to get its hands on the country’s oil.

Now, five years on, new contracts are being handed out giving some of the world’s biggest oil companies a stake in the Iraqi oil industry.

Oil is Iraq’s most precious resource, and it is now finally within reach.

Short term deals are expected to be announced later on Monday, and come as crude oil costs reach a new high of $143 dollars a barrel.

Some of the world’s biggest companies are set to go back into Iraq, with new contracts expected to be announced shortly.

However, critics claim the agreements will pave the way for international firms to stay in Iraq for decades – and share in the country’s oil wealth.

Al Jazeera’s Nicole Johnston reports.

 
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