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Lukoil plans to offset costs on Iraqi fields in August

June 17, 9:22 UTC+3
Accordint to the Lukoil chief, Iraq is ready to launch negotiations to improve contract terms.
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ST. PETERSBURG, June 17. /TASS/. Russia’s oil major Lukoil plans to offset the costs on Iraqi fields in August, President Vagit Alekperov told TASS Friday.

"Hopefully, in August," he said when asked when the company’s costs on development of Iraqi fields may be offset.

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.

"During our latest meeting they (Iraq - TASS) confirmed that they are ready to launch negotiations," he said.

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