By John Lee.
Iraq's Council of Ministers has approved an amicable settlement with Lukoil to transfer petroleum operations at the West Qurna 2 field to Basra Oil Company (BOC).
The settlement addresses outstanding matters relating to invoices and the employment of foreign staff, subject to certification by a reputable external auditor.
It also designates the tax due on the salaries of foreign employees as final revenue to the state treasury.
The West Qurna-2 field, operated by Lukoil under a service contract, is fully state-owned. Following US sanctions on Lukoil and the company declaring force majeure, the Iraqi Council of Ministers approved the transfer of operational management of the field to Basra Oil Company (BOC).
(Source: PMO)
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