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LUKoil's contracts in Iraq could be resumed after the Iraqi government is formed
Russian oil major LUKoil's contracts in Iraq could be resumed after the Iraqi government is formed, the company's press service said Wednesday. LUKoil has done enormous work to prepare the West Kurna-2 project in southern Iraq and may participate in all future Iraqi energy projects, Iraqi Foreign Minister Hoshyar Mahmud Zebari said meeting with LUKoil President Vagit Alekperov earlier. The Foreign Minister said the incumbent leadership will recommend that the new parliament and government that will be formed after the December 15 parliamentary elections consider resuming contracts with LUKoil as a company of high technical qualifications and huge financial opportunities. The parties agreed to have a LUKoil delegation visit Iraq in early 2006. The Iraqi Oil Ministry, LUKoil, Russian state-owned oil exporter Zarubezhneft and Mashinimport signed the production-sharing contract to develop the second stage of the West Kurna-2 deposit on March 21, 1997 for 23 years with the possibility of a five-year extension. LUKoil owns a 52.5% stake in the project, Iraq has 25% and Zarubezhneft and Mashinimport have 11.25% each. The reserves of the deposit are estimated at some 6 billion barrels of oil. The aggregate production during the contract's effective period may reach 4.8 billion barrels of oil and 56.4 billion cu m of natural gas, with investment into the project expected to be about $4 billion.
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