World's Energy

12.02.2008 - [Neftegaz.RU] - Russia signed an agreement with Iraq to write off the part of Iraqi debt, amounting $13 billion, Iraqi foreign minister Hoshiar Al Zibari said. As per the agreement signed by officials of both the countries in Moscow on Monday, Russia will write off 93 per cent or 12.9 billion dollars of Iraq's debt to Moscow, Interfax news agency reported, quoting Russian finance minister Alexei Kudrin. Russia is expected to benefit considerably by this agreement, Kudrin said, as "its companies in Iraq have the scope to invest up to 4 billion dollars." Lavrov said Russia is committed to help Iraq in its post-war reconstruction, placing special emphasis on the two countries' traditional area of cooperation, the energy sector.