Russian firm to discuss Iraqi oil fields development
Representatives of Russia's oil giant Lukoil will visit Iraq on Monday to hold talks on resuming its development of Iraqi oil fields, Lukoil's vice president Ravil Maganov said on Wednesday.
"We will discuss the continuation of all our activities in Iraq that are permitted by the UN," Maganov told reporters.
In 1997, Lukoil and two other Russian companies, Zarubezhneft and Mashinoimport, signed an accord with Iraq's oil ministry on developing Iraq's West Qurna oil field.
The West Qurna agreement was the first to be signed between Iraq and an international oil firm since the United Nations imposed sanctions on Iraq in 1990 following Iraq's invasion of Kuwait.
The 23-year deal, worth $3.5 billion, covers the development of the 7.8 bllion barrels of proven reserves in the Mishrif and Yamamah formations in the north of West Qurna.
However, Lukoil has been able to carry out only a limited amount of work in Iraq so far, with the UN-imposed sanctions crippling Iraq's oil industry. — (AFP)
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