Iraq to Revive Old Russian Oil Deals

Iraq could revive old oil deals signed between Russian firms and Saddam Hussein's government, officials in Iraq told local media.

The move follows yesterday's announcement by the Russian Government to wipe off most of Iraq's US$12.9bn debt, opening up investment from firms such as LUKOIL, which plans to revive its $3.7bn deal to develop the West Qurna oil field, writes Reuters.

Russia and Iraq will set up a working group to study the old projects.

By staff writer