Iraq is prepared to study the possibility of reviving old deals, which were signed between Russian firms and the government of Saddam Hussein, a top Iraqi official said on Tuesday. "We are not hiding from existing problems, such as the old contracts," Iraqi Foreign Minister Hoshiyar Zebari told a news conference, according to Reuters.

On Monday, Zebari and Russia's Finance Minister Alexei Kudrin agreed to write off most of Iraq's $12.9 billion debt with the remaining debt to be repaid within the next 17 years. The two sides also inked a separate deal opening up Iraq for $4 billion in investment from Russian firms, including oil major LUKOIL. According to press reports, LUKOIL, is looking to regain a role in developing Iraq's giant West Qurna field.

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