"After the elections in Iraq we can start developing our fields in this country," Mr. Fedun noted.
Speaking about Lukoil's cooperation with Venezuela, he said that Lukoil President Vagit Alekperov had recently arrived from Caracas where he had held talks with Venezuelan President Hugo Chavez. The sides discussed a joint venture of the Russian oil giant and the PDVSA Venezuelan national company.
"We hope to cooperate there with our strategic investor ConocoPhilips and expect this interaction to be effective both for us and Venezuela," Mr. Fedun added.
According to him, in 2005 ConocoPhilips share in Lukoil is to reach 20%. At first the US company bought 7.6% of the state-owned stock of the Russian oil company. At the moment its share is over 10%, the Lukoil Vice President said.
