Stroytransgaz signs Iraq pipeline deal

26 March 2008
Russian oil and gas construction firm Stroytransgaz has signed a preliminary deal with the Iraq North Oil Company to resurrect an oil export pipeline from Kirkuk to Syria’s Mediterranean terminal at Banias.

The deal, signed in Amman on 26 March, follows talks between Moscow and Baghdad over increasing Russian investments in the war-torn country.

"The participation of Stroytransgaz in this project will represent a substantial contribution by Russian firms to reconstruction and modernisation of Iraqi economic infrastructure," the Stroytransgaz statement said.

It follows speculation that Russian oil firm Lukoil would sign an agreement this week for the development of Iraq's prized West Qurna oilfield.

Lukoil president Vagit Alekperov and Russian deputy foreign minister Alexander Sultanov met Iraqi political leaders in Baghdad on 24 and 25 April.

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