Iraq calls on Russia to increase investments in energy sector
Azerbaijan, Baku, September 8 / Trend /
Iraqi Prime-Minister Nouri al-Maliki called on Russian companies to increase investments in the energy sector during the Russian Energy Minister Sergey Shmatko's visit to Bagdad, AP agency said.
Nouri al-Maliki stated his intentions to expand cooperation with Russia in the oil and power-engineering sector, given the historic relations of both countries. Shmatko also discussed re-activating old energy contracts between Moscow and Bagdad and signed several new agreements with his Iraqi colleague Karim Wahid.
"At present, the Iraqi Ministry of Oil and Lukoil have decided to continue a dialogue on contracts based on Iraqi terms," Shmatko said.
During Iraqi Prime-Minister Nouri al-Maliki's visit to Russia in April, both countries agreed to resume contracts that were signed during Saddam Hussein's office.
A Russian consortium, including oil company Lukoil, signed a contract worth $3.7 billion with the Iraqi government in 1996. But ex-Iraqi President Saddam Hussein expelled Lukoil from Iraq in 2002, several months prior to the entry of U.S forces. He said that the company had violated the term of the contract.
Shmatko said that Russian companies are interested in developing the second phase in 'Western Kurna'. Its reserves are12.9 billion barrel. "Several Russian companies have already operated in the Iraqi oil sector and have signed a contract in this sphere. The Iraqi Minister of Oil has invited Russian companies to continue these projects," Shmatko said.