NY Times pimps the privatization of Iraq's oil

I'm fascinated when ideas that are almost universally embraced as true are also wrong.

Consider the following example, from a New York Times story about Iraq's proposed oil law:


Without such a law, it would also be impossible for Iraq to attract the foreign investment it desperately needs to bolster its oil industry.
Foreign investment is a key ingredient in all kinds of development projects in all kinds of countries. It's also the rationale for the push to open Iraq's oil sector to foreign investment. So the reporter, Edward Wong, believes it must be necessary in this case even though none of the world's top four oil producers -- with 51% of the planet's reserves between them -- have any deals that give foreign companies an equity stake in their production, which is what's being pushed in Iraq (they do make use of the private sector on a straight, for-hire basis).

So he reports that Iraq "desperately" needs foreign investment in the oil sector, and doesn't feel the need to justify or source the claim. What's more, he reports it despite the fact that it defies basic mathematics.

Here's what Platform, the British oil NGO, has to say about Iraq's options for financing the modernization of its oil sector (PDF):
#story_page_post_article

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.