Iraq’s massive oil reserves, the third-largest in the world, are about to be thrown open for large-scale exploitation by Western oil companies under a controversial law which is expected to come before the Iraqi parliament within days.
The US government has been involved in drawing up the law, a draft of which has been seen by The Independent on Sunday. It would give big oil companies such as BP, Shell and Exxon 30-year contracts to extract Iraqi crude and allow the first large-scale operation of foreign oil interests in the country since the industry was nationalised in 1972.


WASHINGTON (Reuters) – U.S. Secretary of State Condoleezza Rice let slip her media preferences on Thursday, saying “I love every single one” of Fox News network’s correspondents and also favors CBS anchor Harry Smith. In comments overheard on an open microphone between morning television interviews, including one with Fox, the top U.S. diplomat said: “My Fox guys, I love every single one of them.”