Lukoil aims to reactivate the contract and has said that it is "optimistic" about the situation in Iraq following the visit of US Secretary of State Colin Powell at the end of January to Moscow.
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Moscow Re-establishes Connection
Iraqi oil deals not far away...
Lukoil is perparing a memorandum of understanding with the Iraqi oil ministry, chairman Vaguit Alekperov said Tuedsay. "We are currently in talks to establish a memorandum with the Iraqi oil ministery", Alekperov said according to the Interfax news agency.
Alekperov is planning to go to Iraq this month to carry out negotiations with the country's provisional authority over contracts the company signed under the previous regime. A consortium led by Lukoil won a contract in 1997 to operate until 2020, giant oil fields known as West-Qurna 2, estimated to hold 20 billion barrels in reserves. However, Saddam Hussein's government later suspended the contract, accusing Lukoil of not having fulfilled the required conditions.
Lukoil aims to reactivate the contract and has said that it is "optimistic" about the situation in Iraq following the visit of US Secretary of State Colin Powell at the end of January to Moscow.
Lukoil aims to reactivate the contract and has said that it is "optimistic" about the situation in Iraq following the visit of US Secretary of State Colin Powell at the end of January to Moscow.
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