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. Last Updated: 07/27/2016

Iraq Withdraws Threat

BAGHDAD, Iraq -- Iraq has withdrawn a threat to cancel an oil contract with Russia's largest petroleum company, Oil Ministry officials said Tuesday.

Russia has pledged to start developing the West Qurna oil field in southern Iraq as soon as possible, officials said on condition of anonymity.

Investment by Russia's state-run LUKoil in Iraq would violate the UN sanctions imposed on the country since Baghdad's forces invaded Kuwait in 1990.

Iraqi Oil Minister Amer Mohammed Rashid told parliament June 21 that he had given LUKoil a deadline of "a few weeks'' to start developing the fields they contracted to exploit in 1997.