Iraq says ready to review old Russian oil deals

MOSCOW, Feb 12 (Reuters) – Iraq is ready to study the possibility of reviving old deals, including in the oil sector, which were signed between Russian firms and the government of Saddam Hussein, a top official said on Tuesday.

“We are not hiding from existing problems, such as the old contracts,” Iraqi Foreign Minister Hoshiyar Zebari told a news conference, speaking through an interpreter.


On Monday Zebari and Russia’s Finance Minister Alexei Kudrin agreed to write off most of Iraq’s $12.9 billion debt and signed a separate deal opening up Iraq for $4 billion in investment from Russian firms, including oil major LUKOIL.

LUKOIL hopes to revive its $3.7 billion deal to develop West Qurna, one of Iraqi largest fields.

Reuters