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In Iraq, Lukoil is thinking for doubling its investments

In Iraq, Lukoil is thinking for doubling its investments
Shafaq News reported that Iraqi government said that the Russian company Lukoil is planning to double its investments in Iraq in the extraction and petrochemical industries field in Iraq.
The company has developed West Qurna 2 field in Basra province in southern Iraq and the oil field is expecting to begin its commercial oil production from the initial part of the year of 2014, which is a little late from the previous stipulated deadline – the last stage of the year of 2013.
Earlier this year, the company said that it will invest USD 4 billion in the West Qurna 2, one of the giant fields in Iraq and the world, with reserves estimated at 12.9 billion barrels.
A statement released by the Iraqi government, illustrating, "Prime Minister Mr Nuri al Maliki discussed during a meeting at his residence in Moscow, with the head of the Russian company Lukoil, ways to boost oil investments in the country.”
Mr Maliki discussed in Moscow, where he arrived, and cooperation in the military and economic fields. Mr Maliki said that Iraq wants to bolster its oil production and also wants to expand its industrial sectors through the advent of foreign and domestic investors. He said that Lukoil Company is of the reliable companies that are respected by the Iraqi government and the Oil Ministry, welcoming efforts by the company to expand its investments in Iraq.
In 2012, the company has signed a 20-year contract with Baghdad in order to develop the southern Iraqi oilfield West Qurna 2, located in the Basra province of southern Iraq.
Updated 09 Jul 2013 | Soruce: Steel Guru | By S.Seal
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