Baghdad: three new oil contracts with Russia; Look oil back to Iraq
Iraq-Russia, Economics, 1/18/2003

Three new oil contracts with Russian companies in Baghdad yesterday were signed in order to explore Iraqi oil fields whose reserves are estimated at 450,000 barrels every day, at a time when unconfirmed information said that "Look Oil" company, the largest of the Russian oil companies, has restored back its contract to develop al-Qarna west oil fields following negotiations held by a Russian delegation in Baghdad in recent days.

The Russian "Soyous oil and gas" has signed a contract for developing al-Rafeydeen oil fields and exploring the geographical area no. 4 in the Iraqi western desert, while another agreement was signed between the Iraqi and Russian oil companies including several future projects.

Following the signing ceremony, the Iraqi oil ministry secretary Hussein Suleiman al-Hadithi said "what has been finalized today is an expression of the desire of the leaderships of the two countries to develop already established relations which date back to 40 years." Concerning the "Look oil" company contract, the Iraqi official said that the "Russian companies have the priority in dealing with," adding that "total number of contracts already signed with Russia is 900 with more than 227 companies at sums exceed one billion EURO since the beginning of working by the 'oil for food' program and that amounts of oil exported through Russian companies exceed 1.2 billion barrels since the beginning of the memorandum of understanding in 1996.

For its part "Look oil" said it has restored back its right in al-Qarnah west (2) oil field. Its spokesman said "all conditions of the two sides were specified" in conclusion of the negotiations which were held in Baghdad.

Previous Stories:
  Nearby agreement between Iraq, Russia   (8/28/2002)
  Russia - Iraq economic cooperation   (8/27/2002)
  Russian- Iraqi joint committee concludes constructive results   (3/21/2002)

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