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4 May, 2007 09:01

Iraq rejects Russian oil deal

Iraq rejects Russian oil deal

Iraq has rejected Russia's offer to forgive more of its debt in return for a stake in Iraq's Rumaila oilfield, that pumps around 1.5 MLN barrels per day - the bulk of Iraq's crude exports. Iraq currently holds the world's third largest oil reser

Reportedly, Russia's top private oil producer, Lukoil, also wants to restore a deal for the West Qurna oilfield. It was dropped in 2002 by Saddam Hussein's government.