Lukoil hopes for progress on Iraq project

Lukoil, Russia’s biggest oil company, is on the verge of reopening negotiations with Iraq on the Arab country’s most lucrative oil development contract.

Leonid Fedun, Lukoil’s vice-president, said in an interview: “This year we will be able to start specific negotiations to develop fields.” He added: “2006 for us is the year that we are very optimistic. Finally we have a legitimate government in Iraq.”