Oil Minister heaps praise on Russia’s Lukoil

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By Shaymaa Adel

Azzaman, October 15, 2014

Russia’s Lukoil is a major partner to Iraq, said Oil Minister Adel Abdulmahdi.

Abdulmahdi said Russia’s giant oil major was developing some gigantic oil fields in the country and its activities were bearing fruit.

The minister made the remarks during a meeting with Lukoil’s chairman Vagit Alekperov, who is visiting Iraq as part of a tour of his company’s activities in the country.

Lukoil is developing major oil fields in Iraq and it has substantially raised output from West Quran, whose proven reserves are estimated at more than seven billion barrels of oil.

Abdulmahdi said Lukoil was one of few major foreign firms with big contracts to develop the country’s oil industry.

He said the Russians were not only developing oil fields. Russia’s activities, he said, included helping villages and towns close to the site of their contracts.

“The company (Lukoil) is an important partner to Iraq and one of the biggest companies working in the country,” the minister said. “Cooperation with it has given good results on the status quo of Iraq’s oil industry and development of oil fields.”

Abdulmahdi said Lukoil was engaged in the training of Iraqi oil staff “and offering projects and social services to the people in areas close to the fields it develops.”