Russians In Iraq

Lukoil, the biggest Russian oil company, will be able to keep its huge stake in Iraq's oil fields. Lukoil, in which the Russian government owns a 14 per cent stake, has invested more than any other Russian company in Iraq's oil fields. So it wants to save its assets in Iraq’s oil fields. This desire was approved by the Russian President, Vladimir Putin: the government has assured Lukoil would not lose its valuable assets in Iraq's West Kurna oil field, one of the world's largest with estimated reserves of 20bn barrels.Washington is displeased with the current policy of Russia as Washington aggressively seeks Moscow's support for a UN resolution that would set tough rules for Iraq's disarmament and possibly open the way for a US military attack. Lukoil’s market capitalisation is about $13.4bn. It holds a 68 per cent stake in the $6bn total investment in the West Kurna field, which lies 62 miles north-west of Basra.

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