MOSCOW Ñ Russia is preparing to resume energy operations in
Iraq.
LUKoil, Russia's largest independent energy contractor, said it would
revise its contract to conform with the latest Iraqi legislation on the oil
industry. LUKoil has been contracted to develop Iraq's the West Qurna-2 oil
field, with reserves estimated at six billion barrels.
"We are ready to adapt the contract to new laws," LUKoil chief executive
officer Vagit Alekperov told a briefing on April 11.
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"The provisions for
tenders, the rules of play, prepared to invest and guarantee returns on
investment."
Alekperov met Iraqi Prime Minister Nouri Al Maliki in Moscow on April
11. The Iraqi visitor was said to have invited Russian oil and other
companies to resume investment in Iraq, suspended on the eve of the fall of
the regime of President Saddam Hussein in 2003.
