-Caveat Lector-

From

www.menareport.com
November 10, 2002

Russian oil giants sign drilling contracts with Iraq

Russia�s Tatneft and Zaroubejneft oil firms have recently signed drilling
contracts with the government of Iraq. The wells will be drilled in the north and 
south of the
country, reported Al-Zawra. The deals follow a comprehensive $40-billion economic pact
struck between the two nations in August, in an effort to safeguard existing Russian
interests in Iraq.

Tatneft will drill 15 wells in the region of Basra, 5,550 kilometers south of Baghdad 
and
state-owned Zaroubejneft will drill 45 wells in Kirkuk, 250 kilometers north of the 
capital.

Heavily indebted to Russia, Iraq has completed some $1.5 billion contracts with several
Russian petroleum companies and assigned to them the rights to sell 40 percent of 
Iraq's
crude on world markets, once the restrictions of current sanctions are removed.

In recent years, the United Nations (UN) General Assembly began authorizing foreign oil
companies to resume international investment initiatives in Iraq�s oil sector. 
Large-scale
contracts have already been signed with petroleum giants from China, France and Russia 
to
extract Iraqi oil as soon as UN sanctions are lifted.

Home to one of the world's largest crude reserves, Iraq has been prohibited from 
exporting
at capacity since its 1990 invasion of Kuwait. A longstanding ally of Iraq and a 
strategic
trading partner, Russia has forcedly proclaimed its opposition to a military campaign 
against
Iraq and its support for lifting the UN�s sanctions, imposed by the Security Council. �
(menareport.com)




www.menareport.com/story/printArticle.php3?sid=233166?=e



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� Copyright menareport.com 1999-2001
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A<>E<>R
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Forwarded as information only; I don't believe everything I read or send
(but that doesn't stop me from considering it; obviously SOMEBODY thinks it's 
important)
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In accordance with Title 17 U.S.C. section 107, this material is distributed without 
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profit to those who have expressed a prior interest in receiving this type of 
information for
non-profit research and educational purposes only.
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"Always do sober what you said you'd do drunk. That will teach you to keep your mouth
shut."
--- Ernest Hemingway

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