Oil Groups Eye Iraqi Reserves in Wake of War

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Last updated at: (Beijing Time) Wednesday, March 12, 2003

Oil Groups Eye Iraqi Reserves in Wake of War

British oil giants BP and Shell have discussed with the British government the possibility of winning a share of oil reserves in a post-war Iraq, Financial Times reported Wednesday.

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British oil giants BP and Shell have discussed with the British government the possibility of winning a share of oil reserves in a post-war Iraq, Financial Times reported Wednesday.

The two oil groups have talked with Downing Street and Whitehall officials about the commercial benefits from developing Iraq's huge oil fields once President Saddam Hussein is toppled, the paper said.

The companies' case, that Britain should not lose out to US industry, was sympathetically received, the paper said.

An insider was quoted as saying that while the value of the oil would be given back to the Iraqis, Britain and the United States were keen to use some of the proceeds of developing it to offset war costs.

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