there would be a bonanza
BP's chief executive delivered a serious setback to hopes of rebuilding Iraq when he said that the oil company has no future there.
John Browne, one of Tony Blair's favourite industrialists, indicated he had given up on Iraq because the political and security situation in the country had deteriorated so much.
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"We need a government, we need laws and we need decisions. We have not got any of that yet. A whole range of steps need to be taken," said the BP boss as he unveiled new record profits this week.
"It's not obvious to me you need foreign oil companies to do that [redevelopment]." He added that private oil firms could destabilise an already sensitive situation and perhaps it should be left to local state-owned groups.
The pessimistic view about the future in Iraq was expressed hours after Lord Browne had met the prime minister at the launch of a new climate change organisation.
Terry Macalister/Guardian UK Apr.29.04
Oil giants such as BP and Shell have joined other businesses, financiers, the UK government and civil society organisations to launch 'The Climate Group', a charity which claims it can speed up greenhouse gas reductions.
The group says it will reduce global warming by pooling "diverse and previously isolated centres of expertise" across industries and continents to "link winning solutions with sources of capital".
Speaking at the launch event of The Climate Group, UK prime minister Tony Blair acknowledged the possibility of "some kind of trade-off between economic growth and environmental protection."
The Climate Group's chief executive, Steve Howard admitted that "some companies in the oil and gas sector have done little or nothing, or seem to have lobbied against attempts to tackle the problem." "The case for change is very compelling and this is no longer just an environment issue, but a social and economic one too," he added.
EurActiv Apr.29.04
