Vietnam, Iraq To Hold Talks On Reviving $300 Million Oil Deal
Tuesday November 18th, 2008 / 11h01
HANOI -(Dow Jones)- Iraq's oil ministry will send a delegation to Vietnam later this year to continue talks with Vietnam Oil and Gas Group, or PetroVietnam, to revive an oil contract signed between the two sides during former president Saddam Hussein's rule, officials said Tuesday. "The delegation will come to Vietnam in December for the talks," said Rokan A.K. Hameed, a senior official with the Iraqi embassy in Hanoi. Hoang Ngoc Trung, deputy head of PetroVietnam's international relations department, said talks with the Iraqi oil ministry on reviving the contract began late last year. "More talks are underway, and we haven't come to a final decision yet," Trung told Dow Jones Newswires. PetroVietnam originally signed a $300-million deal with Iraq in March, 2002 to develop the Amara oil field in southern Iraq with an estimated prewar capacity of 80,000 barrels a day. Vietnam couldn't implement the deal because of U.N. trade sanctions on Iraq for its 1990 invasion of Kuwait. The sanctions were lifted in May 2003, but by then Saddam's regime had been ousted following a U.S.-led invasion. -By Vu Trong Khanh and Hassan Hafidh, Dow Jones Newswires; 844 35123042; trong-khanh.vu@dowjones.com
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