The United States will next week appoint a former head of Shell Oil to run Iraq's oil industry, it was reported today.
"The US Government is setting up Iraq's oil industry to run much like an American corporation, with a chief executive and management team vetted by US officials who would answer to a multinational board of advisers," the Wall Street Journal Europe reported.
The advisory board would be chaired by Philip J Carroll, a former chief executive of Shell Oil, the US unit of the Dutch-British oil giant Royal Dutch/Shell, the newspaper reported.
Mr Carroll would work closely with an Iraqi vice-chairman, expected to be Fadil Othman, who worked as an Iraqi oil executive before Saddam Hussein came to power.
The interim management team would be composed of current and former Iraqi oil sector officials, the newspaper said.
Newly appointed executives would answer to the advisory board which in turn would answer to Jay Garner, the US civil administrator for Iraq.
The chief executive, who would have basically the same role as former oil ministers and would also have a seat on the advisory board, would represent Iraq at the Organisation of Petroleum Exporting Countries.
Washington has been the subject of sharp criticism that one of the motivations behind its military campaign in Iraq was to gain control of Iraq's oil reserves, estimated to be the second-biggest in the world after those of Saudi Arabia.
Is it fair to say that, timing-wise, you feel more strongly about Nassacre coming up shortly then anytime in past few weeks? Also, what about one last hurrah, peak above this week's highs early next week?
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