For anyone who still believe the French and Russians are the last bastion of disinterested, peace loving sanity, the following might be interesting.

Buying Security Council Votes with Oil
The central role that oil is playing in this crisis was evident in recent U.S. efforts to get the support of Russia and France, who have been resisting U.S. pressure to authorize the use of force against Iraq before inspectors are allowed to return. Their backing has been crucial because they are among the five Security Council members with the power to veto a U.N. Security Council resolution authorizing force.

Why would Russia and France be so resistant to using force against Saddam Hussein? It is because both have a large stake in Iraqi oil and have already invested heavily in it.

On September 1st, the headline of a Washington Post article read “Russian-Iraqi Oil Ties Worry U.S.: Moscow's Support for an Attack on Hussein May Depend on Economic Assurances.” The article talked about the “depth” of economic ties between Russia and Iraq, which have been long-time allies, ever since the emergence of the Ba’th party and Saddam Hussein in the late 60’s. Major Russian oil corporations such as LUKoil and Zarubezhneft have made major investments in Iraq and have been seeking to position themselves as leading exporters of Iraqi oil when economic sanctions are lifted. LUKoil currently owns 68% in a consortium that has invested a reported $6 billion in developing the 20-bill bbl West Kurna oil field; Iraq also owes Russia at least $7 billion in debt from previous decades.

In a September 9th New York Times article a senior Bush official said the arguments presented to the Russians to get their vote for war against Iraq had been “economic,” and that the U.S. “did not rule out the possibility of negotiating explicit guarantees for Russian interests, mostly oil-related.” The official also stated that “they're a lot more likely to get their debts paid off” by supporting the U.S. policy.

France also has major investments in Iraqi oil. It, more than any other western nation, has cultivated a relationship with Iraq. France was the largest supplier of arms to Iraq during the Iran-Iraq war. In the 1970’s they helped Iraq build a nuclear power plant that was subsequently bombed by Israel in 1981. The French oil corporation TotalElfFina, the fifth largest oil corporation in the world, has a major presence in Iraq. Among other deals, TotalElfFina has negotiated with Iraq on development rights for the fabulously rich Majnoon oil field, the largest in Iraq.

A top French official candidly laid it out in a September 15th article in the New York Times. He said, “In a sense we're trapped. Ultimately, we will want to re-engage in Iraq. We built a strategic relationship there. We have a market. We want the oil and we want to be in the game of rebuilding the country. If there were a new regime and we have not been with the Americans, where will we be?”

Actually, what is probably worrying the Russians and the French more than what might happen if they don’t go along is what might happen if they do. Will they get their “fair share” of Iraq’s oil even if they give their support, or will they be left to scramble after the crumbs left behind after U.S. and British oil corporations are allowed to sweep in and gobble up the juiciest and most lucrative fields?

Recent statements made by the U.S.-backed opposition group the Iraqi National Congress (INC) would certainly give Russia and France reason to pause. INC officials have made it clear that “they will not be bound by any of the deals” Iraq has made with Russia, France or other nations. Ahmed Chalabi, the INC leader, went even further, saying he supports the formation of a U.S.-led consortium to develop Iraq's oil fields. "American companies will have a big shot at Iraqi oil," he said.

http://publici.ucimc.org/nov2002/1.htm

I think its fitting that we point out the author of that article, Jeff Sowers is an out-spoken anti-war activist who is obviously just a tad bit biased towards the anti-war/Bush issue.

His previous articles speak for themselves. ::)