By John Lee.
The United States has issued a sanctions waiver allowing continued operations related to Russia's Lukoil until 13th December, following restrictions imposed earlier this month.
Lukoil said on 14th November that it is in negotiations with several potential buyers for its international assets, adding that a deal will be announced once agreements and regulatory approvals are finalised. The company said it aims to maintain uninterrupted operations and energy supplies during the transition and is in regular contact with authorities in all countries where it operates.
Today [Monday] in Baghdad, Prime Minister Mohammed Shia Al-Sudani met with Lukoil's former President, Vagit Alekperov, to discuss mechanisms to stabilise oil production despite the impact of US Treasury measures on the company's investment contracts. Lukoil produces around 480,000 barrels per day (bpd) at the West Qurna-2 field.
Al-Sudani reaffirmed Iraq's commitment to stable global oil markets and to maintaining steady national output levels.
Industry sources previously told Reuters that Lukoil had declared force majeure at West Qurna-2, while last week Switzerland's Gunvor Group withdrew its proposal to acquire Lukoil's international assets following US opposition.
See also:
US Treasury Department statement
Jiyad: Oil Ministry should Brace for Russia's Coerced Exodus
(Sources: PMO / Lukoil / US Treasury / Reuters)
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