Soyuzneftegas, the Russian investment and financial group, is holding talks with US and UK companies about a possible joint venture for the development of the Rafidain oil field in southern Iraq

Soyuzneftegas, the Russian investment and financial group, is holding talks with US and UK companies about a possible joint venture for the development of the Rafidain oil field in southern Iraq. Soyuzneftegas has completed the project's feasibility study, which it plans to submit to Iraqi authorities next month -- assuming the security situation there does not prevent such a trip. "We intend to resume the dialogue with Iraq, present the Rafidain's feasibility study and hear the reaction of the Iraqi authorities, even if it is negative," Soyuzneftegas President Yuri Shafranik said. "We also plan to offer services for other projects to restore the Iraqi oil sector," he added. Just before the US-led war on Iraq, Soyuzneftegas initialed an agreement to develop the Rafidain field, which could produce 100,000 barrels per day. The deal was not ratified, but Iraqi officials have described this as a formality.