President Ahmed Hassan al-Baker of Iraq warned last Monday (17 July) that the nationalisation of the country's northern oil-fields would involve burdens and sacrifices for the people of Iraq.
SV & CU President al-Baker seated in Baghdad TV studio (SOUND STARTS AT 3 FT. 0.9 METRES, 5 SECS.)
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Background: President Ahmed Hassan al-Baker of Iraq warned last Monday (17 July) that the nationalisation of the country's northern oil-fields would involve burdens and sacrifices for the people of Iraq.
He was speaking on Baghdad Television to mark the fourth anniversary of the coming to power of the Baath Socialist Party.
On June 1 this year, the Iraqi government nationalist the assets of the western-owned Iraq Petroleum Company (IPC) which operated the Kirkuk oilfields. IPC was owned by British Petroleum, Royal Dutch-Shell, Compagnie Francaise des Petroles and an Esso-Mobil combine. IPC provided about 85 per cent of Iraq's foreign exchange earnings and the Government has now launched an austerity campaign to offset the loss in revenue.
In his address , President al-Bakr said Iraq was now at its sharpest state of confrontation with imperialism.
He said there were still many difficulties and problems in store and every Iraqi would have to share in burdens and sacrifices.
President al-Bakr said the Baathist government was trying to reduce consumer expenditure and official spending in order to direct the largest possible amount towards improving productivity.