By John Lee. Russia's Lukoil has signed an agreement with US investment company Carlyle for the sale of LUKOIL International GmbH, a wholly owned subsidiary that holds the its international assets. The agreement is non-exclusive and subject to regulatory approval, including permission from the US Department of the Treasury's Office of Foreign Assets Control (OFAC). Lukoil […]
By Simon Watkins for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Is Iraq About to Make Its Biggest Geopolitical Pivot in Years? Washington's escalation of sanctions on Russia's top oil firms has opened space for Western majors to re-enter Iraq. Click here […]
By John Lee. The Iraqi Embassy in Moscow has issued a clarification regarding reports that Iraq plans to nationalise the West Qurna-2 oil field, operated by Russia's Lukoil. The embassy confirmed that the field is fully state-owned. Under the 2008 licensing round agreement, Lukoil managed and developed the field and produced oil under a service […]
By John Lee. State-owned Basra Oil Company (BOC) has been approved by the Council of Ministers to assume responsibility for managing petroleum operations at the West Qurna 2 oilfield, in line with the provisions of the field's service and development contract. According to a statement from the Prime Minister's Office, the Cabinet decision also authorises the […]
By Yesar Al-Maleki, for the Institute of Regional and International Studies (IRIS) at the American University of Iraq, Sulaimani (AUIS). The opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Rebuilding Resilience: The Iraq-Türkiye Pipeline's Role in Iraq's Oil Export Security The resumption of Kurdish crude […]
By John Lee. Iraq participated via video link in a meeting of OPEC+ countries to review global oil market conditions and the production outlook, as the group confirmed it will maintain its current production policy during early 2026. Full statement from OPEC: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to […]
By John Lee. Iraq's Ministry of Oil has issued exclusive invitations to several major US oil companies to submit bids for taking over the operatorship of the West Qurna-2 field. The Ministry said it is pursuing a transparent, competitive process based on approved criteria for awarding oilfield development contracts. Direct negotiations are under way with […]
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 […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. MoO Should Brace for ROCs' Coerced Exodus The tripartite (UK, EU and US) sanctions against Russian oil companies (ROCs), Lukoil and Rosneft, present direct, immediate and impacting threats to the development of […]
By John Lee. Swiss-based Gunvor Group has withdrawn its proposal to acquire Lukoil's international assets following opposition from the US Treasury Department. The Treasury stated that Gunvor would not receive a licence to operate as long as Russia continues its military actions in Ukraine, describing the company as "the Kremlin's puppet." Gunvor rejected the claims, […]
By John Lee. Russia's LUKOIL has announced that it will sell its international assets to Swiss-based Gunvor Group. In an announcement on Thursday, the company said: "The conclusion of the binding agreement for the transaction is subject to conditions precedent including obtaining OFAC permission by the Purchaser as well as any other applicable licenses, permits […]
By John Lee. Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani Al-Sawad met today (Wednesday) with a joint delegation from Russia's Lukoil and Japan's INPEX. The discussions focused on cooperation across Iraq's oil, gas, and energy sectors. The delegation included Ivan Romanovsky, Lukoil Vice President for the Middle East; Elnur […]
