Russian - Iraqi committee for economic cooperation to meet in Baghdad soon
Iraq-Russia, Economics, 5/3/1999

Both Iraq and Russia have agreed upon activating work between them on petroleum projects in Iraq and to convene a meeting of the joint economic cooperation committee between the two countries in Baghdad soon, Iraqi Minister of Petroleum Amer Rashid said at the conclusion of his visit to Moscow.

In his statement, broadcast today by Baghdad radio, Rashid said the goal of the talks he held with officials in the Russian government, parliament and companies, is to give a new push to economic relations between the two countries, especially in the petroleum field.

Iraq has been holding contacts with foreign companies aiming at upgrading the petroleum industry, which greatly deteriorated due to the war with Iran in the 1980s and the Gulf War in 1991, in addition to the sanctions imposed on it by the UN.

In 1997, both Baghdad and Moscow agreed upon upgrading oil fields in the west of Karnaa in southern Iraq at a cost of $3.5 billion.

Iraq estimates costs for the necessary investments to upgrade its petroleum sector at $30 billion, including $15 billion in the new oil fields to increase production to 6 million barrels per daily in comparison to the current 2 million daily barrels.

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