21 Oct 2009 19:41

Eurasia Drilling subsidiary eyes service contracts in Iraq

MOSCOW. Oct 21 (Interfax) - LLC BK Eurasia, a subsidiary of Eurasia Drilling Company (EDC), is interested in service contracts in Iraq, the company's chief financial officer, Richard Anderson, told Interfax.

Anderson said the company was in talks with IDC, the Iraqi national drilling company, and that the plans were in their initial phase.

Anderson said at the UBS conference that Eurasia would operate in the Middle East only if it received competitive advantages.

It is also looking at Uzbekistan, which Anderson told Interfax was a growing market, but not, for the time being, Turkmenistan.

BK Eurasia has acquired two drilling rigs in Kazakhstan, and intended to continue to operate there.

EDC, set up on the basis of divisions of the production units of Russian oil major Lukoil , is controlled by general director and chairman Alexander Dzhaparidze.

EDC increased net profit by 68.9% year-on-year to $132.671 million in the first half of 2008, as revenue grew 53.8% to $1.016 billion.