Iraq's foreign minister said Tuesday Russian companies seeking to do business in his country won't be given advantage over companies from other countries.
Iraq's foreign minister said Tuesday Russian companies seeking to do business in his country won't be given advantage over companies from other countries.

Foreign Minister Hoshyar Zebari's statement came a day after Russia agreed to write off $12 billion - or 93% - of Iraq's $12.9 billion debt to Moscow, a gesture that appeared aimed at helping Russian companies win contracts in Iraq.

Zebari, on the second day of his trip to Moscow, said the debt write-off and prospects for Russian companies in Iraq were "two totally unrelated things."

Zebari told reporters "doors are open" for Russian business, "but on the basis of fair competition with other companies."

Russian Foreign Minister Sergey Lavrov said Monday during a meeting with Zebari that Moscow was counting "on launching promising joint projects in the oil and gas and electric power sectors."

One major Russian oil company, OAO Lukoil (LUKO.RS), is seeking to regain a role in developing Iraq's giant West Qurna field.

Lavrov and Zebari Monday signed a memorandum of understanding aimed at boosting trade, economic, scientific and cultural cooperation.

The Iraqi government has said its huge Saddam Hussein-era debt to various countries - estimated at more than $60 billion - was too big a burden for a nation trying to rebuild.

The U.S. has spearheaded the drive to get other countries to follow the U.S. lead and write off all their shares of Iraq's debts. Russia and other creditor nations pledged in 2004 to write off 80% of Iraq's debts.

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