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News // Oil and gas worldwide

Why Iraq Has No Desire To Cooperate With Russians

06 March 2001 , 12:23309
Iraq is likely to break off the contract with the Chinese and Russian companies about the exploration of the oil fields in the south of the country, Deputy Oil Minister of Iraq said March, 4, since the works are being carried out rather slowly.
The oil companies` representatives say the low speed of operation at the oil-fields can be accounted for the Iraqi sanctions, imposed by the UN. These sanctions allow to export only a limited quantity of oil from the territory of Iraq.
Zarubezhneft, Machineimport and Lukoil concluded a $3.5 mln contract with Iraq in 1997, it was the first contract between the country`s government and fogeign oil companies after the the War in the Persian Gulf.

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