Russia to retain oil contract with Iraq

Russian oil contracts with Iraq will not be cancelled, Russian Foreign Minister Igor Ivanov stated today and pointed out that at the worst they could be mothballed, and the Iraqi government was created, it would decide on their fate.

At the same time he pointed out that Russia would strive at rating its oil contracts in Iraq among the priority ones. However, according to the Minister, Russian companies in Iraq will have to face tougher competition.

In Ivanov's opinion, the future of Russian companies in Iraq is connected with large investment projects in agriculture and the humanitarian field, in which Russia has considerable experience.

As for the Iraqi situation as a whole, the Russian Minister pointed out that it was currently coming back to the UN legal field. First of all, this is attributed to the adoption of the compromise Resolution 1483, Ivanov stressed.