Iraqi Vice-President Saddam Hussein returned to Baghdad on monday (19 June), having concluded a four-day official visit to France.
Iraqi Vice-President Saddam Hussein returned to Baghdad on monday (19 June), having concluded a four-day official visit to France. Talks with French leaders, including President Georges Pompidou and Prime Minister Jaques Chaban-Delmas, resulted in a ten-year oil agreement between the two countries.
Iraq nationalised the assets of the western-owned Iraq Petroleum Company (I.P.C.) on 1 June. It gave France alone of the other shareholders of I.P.C. -- the United States, Britain and Holland -- the chance of maintaining its interests in Iraq because of France's stance in the Middle East crisis.
A joint communique at the end of the Iraqi Vice-President's visit on Sunday (18 June) said the Iraqis would sell the Companie Francaise Des Petroles (C.F.P.) 23.75 per cent of its crude oil production from the Kirkuk oil fields for 10 years. In addition, the sale price would be that which prevailed before nationalisation. The crude oil sale percentage is equal to the percentage of I.P.C. assets held by C.F.P. before nationalisation.