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Iraqi Oil Minister Ihsan Abdul said that Lukoil PJSC had sent him a notification to sell his stake in the West Qurna-2 field to Chinese companies, and that BP Plc wanted to withdraw from the giant Rumaila field.
In a video posted to a Facebook page under his name, the minister said the investment environment in Iraq is not encouraging enough for an oil major to want to do business there.
“The existing investment environment in Iraq is inappropriate for retaining major investors,” he said. “All major investors are looking for either another market or another partner. We, as an investment environment, are unsuitable for major partners. “
Jabbar, who appeared before a parliamentary committee last week, also said that Exxon Mobil Corp. wanted to sell his stake in West Qurna-1 for no more than $ 400 million, a price he called “very cheap”. The state-controlled Basra Oil Co. is considering a deal, he said.
No one from Lukoil or BP was available to comment outside of regular business hours.
Exxon sells Iraqi field with threat of mountain of debt
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