IRAQ OIL FOR FOOD

BY MICHAEL FOX
DIPLOMATS at the United Nations' headquarters in New York say that the troubled Iraq Oil for Food Programme is in danger of running into serious problems once again unless alleged ambiguities and contradictions in the current system are sorted out.

Critics are particularly focusing on the retrospective pricing mechanism that was introduced last October in an effort to stamp out illegal premiums that Iraq had been charging oil companies, of up to 30 cents (US$) a barrel. The idea was that by setting the price after contracts had been ...


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