According to a statement released by the Russian giant, “Lukoil and the Iraqi oil ministry signed a memorandum on setting up a technical committee during Lukoil CEO Vagit Alekperov’s visit to Baghdad. The company [will] also fund Iraqi students’ education at a Moscow oil university and train Iraqi oil officials at its own operations.”
“The talks in Baghdad are evidence of the strengthening of the company’s positions in Iraq and [is] an important step toward resuming work in the country,” added Lukoil.
At the heart of all this philanthropy is the West Qurna field, to which Lukoil and the Saddam Hussein government had had an agreement on. Considered one of the world’s largest oil fields, with 7.3 billion in recoverable reserves, Lukoil’s contract – signed in 1997 – was revoked by Saddam before the start of the US invasion.
Lukoil has long considered the contract as still valid and, according to Abdul Aziz al-Hakim (a member of the US-appointed governing council), “Iraq isn’t averse to Lukoil participating in the development of West Qurna.” Lukoil company spokesperson Dmitry Dolgov stated that his company would not comment on the current status of the Qurna talks.
US Secretary of State Colin Powell has said that Russian oil producers would have to wait until Iraq elects its own government, which will then negotiate all oil contracts in country.
