US estimates Iraq lost $16 billion in oil revenues

10/09/2006
Iraq lost an estimated $16 billion of potential oil export revenues from January 2004 to March 2006 because of insurgent attacks, criminal activity, and aging and poorly maintained infrastructure, an audit report by the US special inspector general for Iraq reconstruction said.“In addition to lost export revenues, Iraq is paying billions of dollars to import refined petroleum products to support the consumption needs of its citizens,” Stuart W. Bowen Jr. said in the Sept. 27 report.Attacks against Iraq’s oil and electric power systems ebbed and flowed during that time period, Bowen said. Iraq’s oil, electricity, and defense ministries combine to protect the systems...
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