MOSCOW, September 7 (RIA Novosti) - Russia is seeking to strengthen and diversify trade and economic relations with Iraq, Energy Minister Sergei Shmatko said on Monday.
Shmatko is leading a Russian delegation currently in Iraq to discuss cooperation in electric power and the oil and gas sector.
"One of our main tasks is to create conditions for building up trade volumes and diversifying the areas of interaction," Shmatko said.
Vagit Alekperov, the CEO of Russia's largest independent oil producer, LUKoil, said on Sunday that the company's representatives would also visit Iraq.
Alekperov said that LUKoil would team up with U.S. ConocoPhillips to bid for Iraq's West Qurna-2 oil field.
LUKoil was involved in the development of the first phase of West Qurna and signed a contract with the Saddam Hussein regime to develop the second stage, but the deal was frozen in 2002.
West Qurna-2's proven recoverable reserves have been estimated at around 6 billion barrels of oil. Investment in the project could reach $4 billion.
Apart from LUKoil, Russia's energy giants Rosneft and Gazprom Neft are also expected to bid in the tender.
