Russian firms to buy 40 % of Iraqi oil in next round

Apr 28, 1999 02:00 AM

The Russian Trade Ministry announced last week that Russian companies would buy fully 40% of all the oil Iraq was allowed to sell under the sixth round of the United Nations' oil-for-food program.
The ministry did not say which Russian firms would buy Iraqi oil but noted that the next round of sales would probably begin in June. The announcement was made after Iraq's oil minister, Lt-Gen Amer Mohammed Rashid, met with top Russian officials in Moscow.
Rashid said during the meeting that he wanted to see LUKoil, Zarubezhneft and Mashinoimport move forward with a project to develop the Western Qurna oil field in southern Iraq. Russian officials replied that they were trying to convince the UN to lift the sanctions on Iraq that prevent companies from doing business there but shied away from making any specific commitments.
The two sides also stated their opposition to Nato's plans for an oil embargo against the Federal Republic of Yugoslavia.

Source: NewsBase
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