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    Monday, August 3, 2009

    Russia looks to revive oil deal with Iraq signed with Saddam

    MOSCOW — Russia intends to conclude a major energy deal in Iraq.

    Officials said Russia's Energy Ministry wants to obtain final approval from the Baghdad government for participation in Iraq's West Qurna-2 crude oil project, Middle East Newsline reported.

    Russia's LukOil has sought implementation of a contract signed with the former Saddam Hussein regime for the development of West Qurna-2 and suspended in 2002.

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    "In the first half of August, I will visit Baghdad," Russian Energy Minister Sergei Shmatko said on July 31.

    In August, the Iraqi Oil Ministry was expected to reopen bids for West Qurna-2, with oil reserves estimated at six billion barrels.

    Officials said Russia, which wrote off $12 billion worth of debts to Iraq, was promised that LukOil would be a key bidder in any tender.

    They said Iraq would seek investments of $4 billion.  

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