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Privatization Issues in Iraq

(Posted by Robert Garcia Tagorda)

Much to the chagrin of Hayekian Greg Ransom, the Associated Press reports that the privatization of Iraq's state-run oil industry has become a low priority. Why? Besides the difficulty of selling assets within a limited time frame, we have this explanation:

"Even the U.S. has lost interest, mainly because the Iraqis themselves are so 'anti.' It's a nationalistic thing," Leo Drollas, chief economist at the Center for Global Energy Studies, said from the center's London office.

Iraqi oil officials have debated among themselves whether to transform their centralized industry into a Western-style mosaic of firms, said Thamer al-Ghadban, a senior adviser at the Oil Ministry. For now, the consensus is clear.

"There is no policy to privatize the Iraqi industry," al-Ghadban said.

The report misses one critical point. What is it? Find out here.

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