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Lukoil discussed sale of stake in West Qurna 2 with Iraq — CEO

KSTOVO, July 22. /TASS/. Lukoil has discussed a partial sale of its interest in the West Qurna 2 with Iraqi authorities, but the Oil Ministry of Iraq insisted that Lukoil keeps participation in the project, President of the Russian oil major Vagit Alekperov told reporters on Thursday.

“We notified [Iraq] about [the sale] of our stake. Persons desirous [to buy] are present. I would not talk about the stake. So far, the Ministry [of Oil of Iraq] turned us away because they are satisfied with the operations of the company on the territory of Iraq. Therefore, we continue negotiating processes so far on economics improvement at the West Qurna 2, particularly the Yamama formation,” the top manager said.

Lukoil has obtained permission from Iraqi authorities to begin early operation of the Block 10 project, Alekperov said. “They gave the green light for early oil — it amounts to 30,000 barrels [per day]. They also consented to the start of FEED and operation,” he added.

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