Seeking to improve political and economic relations, Iraq and Russia have agreed to work together to restore oil development contracts which were disrupted by the 2003 US-led invasion of Iraq.
Those could include a US$3.7 billion (Dh13.59bn) deal to develop Iraq’s West Qurna oilfield that Baghdad signed, and later cancelled, with a Russian consortium led by Lukoil while Saddam Hussein was in power.
“The goal has been set to restore the contracts concluded between Russian and Iraqi companies before the war,” Sergei Shmatko, the Russian oil minister, said in Moscow after a meeting at the weekend between the Russian and Iraqi leaders. “I believe that this is a very big move.”
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