Lukoil Lobbies for more favourable Contract

By John Lee.

Oil Minister Jabar Ali al-Luaibi (Allibi) met the President of Russia's Lukoil, Vagit Alkpirov [Alekperov], at the his office on Sunday.

The Minister confirmed plans to develop the production and investment gas this year and next year, at called for Lukoil to participate in new projects to be started next year.

Mr Alekperov said that its existing service contract for West Qurna 2 needs to be amended "to establish conditions for further investments to the project."

"Improving the economic parameters of the project will allow the Company to increase oil production at West Qurna-2 which is also beneficial for Iraqi partners," he said.

During the meeting the parties also discussed issues of associated petroleum gas utilization at West Qurna-2, LUKOIL's participation in exploration projects in Iraq, the training of local oil and gas specialists, and enhancing cooperation in oil trading.

(Sources: Ministry of Oil, Lukoil)

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