Early day motion tabled by primary sponsor Harry Cohen (Labour), on Monday, 16 January 2006, in the House of Commons. It is signed by 33 members in total.

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MISAPPROPRIATION OF IRAQI RESOURCES

That this House notes the re-broadcast of Between Iraq and a Hard Place on More4 which gave evidence of the theft of Iraq resources since the 2003 invasion as one of the largest in the history of the world; further notes the key findings of the report Crude Designs: The Rip-Off of Iraq's Oil Wealth which states that at an oil price of $40 per barrel, Iraq stands to lose between $74 billion and $194 billion over the lifetime of the proposed contracts, from only the first 12 oilfields to be developed; further notes that these estimates, based on conservative assumptions, represent between two and seven times the current Iraqi government budget; and further notes that under the likely terms of the contracts, oil company rates of return from investing in Iraq would range from 42 per cent. to 162 per cent., far in excess of usual industry minimum target of around 12 per cent. return on investment.

Amendments

The Early day motion has received an amendment.

MISAPPROPRIATION OF IRAQI RESOURCES (1371A1)

The Early day motion has received an amendment sponsored by Derek Wyatt (primary, Labour) and tabled on Wednesday, 18 January 2006. It has been signed by 3 members in total.

at end, add `and calls on the Government to advise their Iraqi counterparts on the efficacy of a windfall tax.'.

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Secondary information

Type

Early day motion

Reference

1371 

1371A1 

Session

2005-06

Other sponsors

Elfyn Llwyd

Lynne Jones

Martin Caton

Mike Hancock

Angus Brendan MacNeil

Subjects

Iraq Oil

Link

View this Early day motion on www.parliament.uk