The Legal Basis of the Russian Investment Activity in the Fuel and Energy Complex of Iraq

Abstract

Nowadays Iraq has a great amount of perspective oil-fields, the potential reserves of which are supposed to be vast Foreigners nowadays have practically lost access to the Iraq oil. The rights of access generally have the state companies - North Oil Company and South Oil Company Such a situation is not in the interests of Iraq which would like to return foreign capital to the state Before the War Russian companies had been actively working on the Iraqi territory.
The Iraq authorities state that foreign companies will have no control in the projects At the same time it is not excluded that the Iraq National Company will master oil-fields in cooperation with foreign investors But, as Husayn al-Shahristani thinks, the «Lukoil» company has significant chances to get the same oil-field again, but this time – on a tender basis It seems that the pro-American government of Iraq is not satisfied with the fact that «Lukoil» will get such an attractive contract. And nowadays it tries its best to, as minimum, to reconsider its conditions on some formal ground.
Not only Western, but Arabic, Chinese and Ukrainian companies have also demonstrated their interest to the oil-fields of Iraq In any case, a complete return of Iraq to the global oil market will non bring benefits for Russian oil businesses: our companies will not be allowed to act in Iraqt in the former capacity and the increase of a volume of Iraq export will inevitably lead to the fall of the prices of hydrocarbon materials on which depends the budget of Russia Iraq is interested in the Western oil giants to take an active part in the national oil business - considerable technical possibilities of the giants are well known. Therefore, being supported by Washington and London, they are more likely to win in the contest for the participation in the biggest projects in Iraq that is scheduled for the end of 2007.
So the Russian oil companies will have to maneuver between various «players» at the Iraq political and oil fields and right now, notwithstanding various difficulties and even dangers, should start an active play.