Energy

Russia's Lukoil may reduce its stake at Iraqi West Qurna-2 oil field

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Lukoil logos are pictured at Gorkovsky Automobile Plant (GAZ) in Nizhny Novgorod, Russia April 16, 2019. REUTERS/Maxim Shemetov

NIZHNY NOVGOROD, Russia, July 22 (Reuters) - Russia's Lukoil (LKOH.MM) may reduce its stake in Iraqi West Qurna-2 oil project, Chief Executive Vagit Alekperov said on Thursday, adding that Iraq had denied the company such a right for now.

Iraqi Oil Minister Ihsan Abdul Jabbar said last month that Lukoil had sent a formal notification saying it wanted to sell its stake in the West Qurna-2 field to Chinese companies. The minister later said Lukoil was keen to stay in the country. read more

Speaking to reporters, Alekperov also praised the deal reached over the weekend between the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, and said that oil production should be gradually increased.

Reporting by Maxim Nazarov; Writing by Katya Golubkova; Editing by Edmund Blair

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