The debt number is the only real number in this case. I don’t know who started the $52 billion figure (Russian companies most likely). Valuing the contracts is very difficult – valuing is based on hope and expectations. At this time I don’t see the debt issue and oil contracts as being closely related. However, Iraqi debt to Russia may used by the Kremlin is cancel a portion of Soviet debt to the west. As for primary contracting and sub-contracting, I think we will see more subcontracting for the Russians. Lastly, “Iraq says…..” What does that mean? Who is speaking for Iraq at this time?
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