On Iraqi oil exploration

The Middle East Economic Survey (MEES) said on Monday that the exploration processes carried out by a foreign consortium, led by "Look Oil" company in the Western "al-Qernah" oil field in Iraq, proceeds slowly because of the Russian economic crisis.

MEES added that the investment program of "Look Oil" in Iraq for the current year was reduced by 25% after its profits in the first half of the year was 1.2 billion rubles as a result of the Russian economic crisis, the recession in oil prices and higher taxes.

MEES stated that "Look Oil" spent almost US $20 million in the second half of 1997 on preliminary work in al-Qarneh oil field.