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Russia’s Lukoil may reduce its stake at Iraqi West Qurna-2 oil field, says CEO

Published: Updated:

Russia’s Lukoil may reduce its stake in Iraqi West Qurna-2 oil project, Chief Executive Vagit Alekperov said on Thursday, adding that Iraq had denied the company such a right for now.

Iraqi Oil Minister Ihsan Abdul Jabbar said last month that Lukoil had sent a formal notification saying it wanted to sell its stake in the West Qurna-2 field to Chinese companies.

The minister later said Lukoil was keen to stay in the country.

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Speaking to reporters, Alekperov also praised the deal reached over the weekend between the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, and said that oil production should be gradually increased.

Read more: Iraqi oil minister expects oil prices at $68-$75 in H2