Baghdad Today

  In Baghdad Today 

The giant Lukoil retracts its decision to leave Iraq

A statement published by ” bloomberg ” and its translation (Baghdad Today) clarified that the Russian Lukoil Company has retracted its decision to sell its stake in the West Qurna-2 field in the south to Chinese companies.

Oil Minister Ihsan Abdul Jabbar said in a statement that “the Iraqi Oil Ministry has been in talks with the company for six months to persuade it to cancel its decision to withdraw from work, and these talks contributed to Lukoil’s decision not to sell its stake to a number of companies.”
He added, “Understanding the company’s motives and objectives helped in developing a solution to some problems in coordination with the Ministry of Oil.”

Earlier, Lukoil sent the ministry an official statement explaining its plan to sell its stake to Chinese companies, and the reason is that “investment in Iraq is not suitable for major investors and they are either looking for other markets or partners in renewable energy,” she said.