"We are ready to adapt the contract to new laws," Vagit Alekperov told journalists at a Russian-Iraqi roundtable.
Alekperov said Iraqi laws allowed unhindered operations on the country's oil market.
"The provisions of tenders, the rules of play have been approved. The legislative base has been prepared for investing and having a guarantee of return on investment," the LUKoil CEO said.
Iraqi Prime Minister Nouri al-Maliki has invited heads of Russian companies to Iraq for specific talks.
"Now we see many world companies competing for the right to get a contract in Iraq, and would like to invite the heads of Russian business present here to Iraq to discuss with colleagues participation in the projects directly on the site," al-Maliki said at the roundtable.
He also said Iraq is ready to guarantee protection of Russian companies' investment into the country's economy.
