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Iraq canceled contract with Lukoil
6.11.2007 15:17
Iraq canceled contract with Lukoil

The Iraqi government has rescinded the contract with Russian Lukoil Company for development of the Western Kurna 2 oil field, the Iraqi Oil Minister said. He added that the oil field would be tendered in 2008.
      Lukoil signed the production sharing agreement in 1997 for the period till 2020. The reserves of the oil field are estimated at 6-20 billion barrels of oil.
      According to the agreement, the Lukoils stake in the project made up 68.5% with the total investment volume of $3.7 billion.
      Russian companies had no case to start implementation of the project in view of the UN sanctions in respect of Iraq. The Iraqi government headed then by Saddam Hussein terminated the agreement unilaterally in 2002, having accused the Russian party of breach of the contracts conditions.
      However, in 2004 Russia wrote off Iraqs debts it owed to the USSR and the Russian President urged the Iraqi government to consult interests of the Russian companies.


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