President Vagit Alekperov of oil major of Russia, Lukoil plans to offset the costs on Iraqi fields in August.
As was reported earlier Lukoil has defrayed $5.564 bln worth of costs on the development of West Qurna-2 field in Iraq by the end of the first quarter of this year, with $1.5 bln left uncompensated. The project is expected to be fully defrayed by the end of this year.
According to the Lukoil chief, Iraq is ready to launch negotiations to improve contract terms.
He concluded, "During our latest meeting they (Iraq - TASS) confirmed that they are ready to launch negotiations."