Iraq prepares to transfer Lukoil's stake in oil field to American company, US supports proposal

The Iraqi Ministry of Oil has approached American companies with a proposal to take over a controlling stake in the giant West Qurna-2 oil field, owned by the Russian firm Lukoil, amid the Trump administration's favorable stance on the transfer of Russian global assets to American players. This was reported by Bloomberg, writes UNN.

Details

Iraq's decision came just days before the expiration of the sanctions waiver for the Russian company. The West Qurna-2 field is strategically important, as it produces about 10% of the country's crude oil.

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Sources familiar with the situation said that the Trump administration prefers that Russian assets around the world come under the control of American firms.

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Although the Iraqi Ministry of Oil did not name specific companies, potential contenders for Lukoil's share include American giants such as Exxon Mobil Corp. and Chevron Corp.

According to available information, Iraq will give preference to Exxon, which previously operated the neighboring West Qurna-1 oil field.

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