--- Marvin Gandall <marvgandall at rogers.com> wrote: ConocoPhillips has bought into the Russian oil giant Lukoil, the second largest in the country behind embattled Yukos. One of the stated reasons for the US oil firm's move, apart from gaining access to Russian oil reserves, is to share in the development of Iraq's West Qurna oil field, in which Lukoil currently has a 51% stake. It originally was granted the concession in 1997 by Saddam, and Lukoil has since been trying to obtain confirmation of its claim from the US occupation authority. The alliance with Conoco is expected to clear the way. --
Saddam actually cancelled the West Qurna deal prior to the war. LUKoil has been importing (!) oil to Iraq (http://www.lukoil.com/press.asp?div_id=1&id=2208). In June, LUKoil had talks with the Iraqi oil ministry (http://www.lukoil.com/press.asp?div_id=1&id=2237). A cooperation agreement was signed in March (http://www.lukoil.com/press.asp?div_id=1&id=2205). There's a video and transcript of the LUKoil.Conoco press conference here: http://www.lukoil.com/static_6_5id_2103_.html
It's not surprising, since Iraq's oil infrastructure is Russian and Soviet, and Russian Big Oil has the experience on the ground.
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