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CEO of Russian crude producer LUKoil may visit Iraq soon

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The CEO of Russia's largest crude producer LUKoil [RTS: LKOH], could visit Iraq in the near future following an invitation from the Iraqi foreign minister, the company's press office said on Wednesday.
MOSCOW, February 13 (RIA Novosti) - The CEO of Russia's largest crude producer LUKoil [RTS: LKOH], could visit Iraq in the near future following an invitation from the Iraqi foreign minister, the company's press office said on Wednesday.

During his visit to Moscow on February 11, Iraq's Foreign Minister Hoshyar Zebari officially invited LUKoil CEO Vagit Alekperov to visit the country.

Moscow wrote off $12 billion, or 93%, of Iraq's debt to Russia on Monday, a move widely rumored to be aimed at securing lucrative oil contracts. The deal on the debt cancellation was signed during Zebari's visit to Moscow.

Following the Russian government's cancellation of most of Iraq's debt, LUKoil said on Tuesday it hoped to regain the right to develop Iraq's giant West Qurna-2 oil field.

"The meeting of an Iraqi representative with the Russian government and the negotiations held between the parties give rise to optimism. We hope that the debt write-off will contribute to the advancement of our contract," LUKoil spokesman Vladimir Semakov said.

Russia's largest independent crude producer LUKoil operated the first phase of West Qurna and is looking to develop West Qurna-2 in southern Iraq. The deal for both phases was signed for 23 years in 1997 under the Saddam Hussein regime, but frozen in 2002.

During his meeting with the Russian government in Moscow, Zebari said a bilateral commission would be established to look into contracts suspended since the fall of Hussein's regime, which he said would demonstrate that his country is not trying to avoid issues "originating from former obligations."

"The commission will also consider contracts with LUKoil and other Russian companies," he said.

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