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Tatneft expects $1bn in losses in Iraq - 24 March, 2003

The Russian oil company Tatneft is expected to suffer about $1bn in lost revenue from contracts in Iraq, the company's press service reported to RBC referring to Khamit Kaveet, Deputy General Director of the Tatneft foreign economic division. At the beginning of March 2003, Tatneft's staff (26 people) left Iraq. They had been working under a contract with Zarubezhneft and were to drill 45 wells at fields of the Iraqi North Oil Company. This contract as well as Tatneft's contract for drilling 33 well was officially approved by the UN Security Council.