Iraq may revive Russian oil deals after debt was written off

Iraq is prepared to study the possibility of reviving old deals, which were signed between Russian firms and the government of Saddam Hussein, a top Iraqi official said on Tuesday. "We are not hiding from existing problems, such as the old contracts," Iraqi Foreign Minister Hoshiyar Zebari told a news conference, according to Reuters.

On Monday, Zebari and Russia's Finance Minister Alexei Kudrin agreed to write off most of Iraq's $12.9 billion debt with the remaining debt to be repaid within the next 17 years. The two sides also inked a separate deal opening up Iraq for $4 billion in investment from Russian firms, including oil major LUKOIL. According to press reports, LUKOIL, is looking to regain a role in developing Iraq's giant West Qurna field.