Middle East Economic Survey

VOL. LI

No 7

18-February-2008

IRAQ

Iraqi Oil Ministry Denies West Qurna Deal

Iraqs Oil Ministry has denied reports of an agreement to award development of the 7bn barrel West Qurna field to Russias Lukoil in return for Moscows forgiveness of $12.9bn of Saddam Husain-era debt. The reports came during a visit by Iraqi Foreign Minister Hoshyar Zibari to Moscow on 12 February. I understand that more than $12bn of debt has been forgiven, but it has no connection with West...