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LUKOIL hopes to tap Iraqi West Qurna in 3-5 yrs

Mon Feb 11, 2008 8:59am EST

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MOSCOW, Feb 11 (Reuters) - Russia's LUKOIL (LKOH.MM) hopes that a new memorandum between the Russian and Iraqi governments will open the way for the firm to start work on Iraq's West Qurna oil field within 3-5 years, an executive said on Monday.

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"We will now be waiting for permission from the government of Iraq to start working on the field. This memorandum states that the Iraqi government will support our intentions," LUKOIL's vice-president Leonid Fedun told Reuters.

"We would now be keen to review some parameters, refresh the contract and as soon as it is done, we will be ready to invest. The memorandum says it could happen within three to five years," he said.

To read a previous story on the Russian-Iraqi talks click on [ID:nL11131360]. (Reporting by Dmitry Zhdannikov; editing by Christian Lowe)

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