BAGHDAD (AFP), June 13—— Iraq's oil returned to the world market, bringing hopes for economic recovery, as
US-led forces went on the offensive against resistance elements and cashiered former Iraqi soldiers battled with police....
Four European companies, a Turkish firm and the US company ChevronTexaco were
awarded contracts Thursday to buy 9.5 million barrels of Iraqi oil, marking the return of Iraqi oil to the international market after a three-month suspension, industry sources said.
A spokesman for the US-led coalition running Iraq said the contracts still would have to be reviewed by acting ministry chief Thamir Ghadhban and his US adviser, Philip Carroll.
The sale of Iraq oil on international markets was halted following the suspension of the UN oil-for-food program at the beginning of March shortly before the war.
The choice of companies reflects the Iraqi oil authorities aim to separate politics from business in regard to marketing the country's oil [sic].
"It is a completely open bidding procedure," the coalition spokesman said.
Oil revenues are expected to play a major role in Iraq's economic restoration after decades of dictatorship and war.
The US Agency for International Development has asked 10 firms to submit bids for a plan to reshape the Iraqi economy into a free-market system based on private ownership, spokesman Luke Zahner said.
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iF IT WAS ALL ABOUT OIL..... WE WOULD NOT BE PAYING FOR IT!!!