The Russian oil company Slavneft initialed Tuesday a contract to develop the Subba oil deposit in Iraq with the Iraqi oil ministry, reported the Gulf Daily.
The contract for the development of the oil deposit could be implemented within a month to six weeks when financial and economic indicators recently agreed in Iraq are included in the document, Slavneft’s vice-president Andrei Shtorkh was quoted as saying.
Slavneft said last September it planned to ask the United Nations for special permission to work in Iraq this year if sanctions imposed against the country had not been lifted.
The UN imposed sanctions on Iraq after its 1990 invasion of Kuwait. The sanctions prohibit foreign companies from developing oil deposits in the country.
Last week, UN officials and diplomats said Russia’s Zarubezhneft had been given approval to drill 45 oil wells in northern Iraq as part of an effort to allow Iraq to increase oil production, the daily said -- Albawaba.com
