Lukoil discusses Investment in Iraq

By John Lee.

Lukoil President Vagit Alekperov has said that his company has invested $6 billion dollars so far on operations in Iraq.

At a meeting with Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] in Baghdad, Alekperov said:

"Lukoil is now working on geological exploration projects with other foreign companies in the 10th exploratory area ... I believe the appropriate circumstances were made for investing in Iraq that guarantees the rights of the investors."

First oil was produced from Lukoil's West Qurna in March. The company, Russia's largest private oil company, signed a contract revision in June to build two 75-mile pipelines and associated infrastructure.

(Sources: UPI, Ministry of Oil)

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