Statoil to Sell West Qurna-2 Stake to LUKoil

Russia’s LUKoil is set to become the only foreign operator of the West Qurna-2 oil project in Iraq after its partner, the Norwegian company Statoil, asked Iraq's oil ministry for permission to sell its stake, according to The Voice of Russia.

The Iraqi Oil Ministry has reportedly approved the deal, which would give LUKoil a 75% stake in the oilfield, with the remaining 25% belonging to the Iraqi state.

(Sources: Voice of Russia, Reuters)

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