Today in Baghdad, LUKOIL President Vagit Alekperov and authorized representatives of the South and North Oil Companies of Iraq in the presence of the Minister of Oil of Iraq H.E. Abdul Kareem Luaibi signed an addendum to the contract for development and production of oil in the West Qurna-2 field.

According to the addendum the scope of work for the West Qurna-2 project will include the Tuba-Fao pipeline construction and will provide for changes in the procedure of the project investors’ costs recovery. Changes concerning the cost recovery will allow investors to recover their costs within a shorter period of time, in the same year when respective costs were incurred.

Tags: Lukoil