Iraq Seeks Sanctions Waiver for West Qurna-2 Stake Sale

Iraq is discussing a six-month sanctions waiver from the U.S. Treasury for Lukoil to sell its stake in West Qurna-2 oilfield. Lukoil has declared force majeure due to sanctions on Russian oil majors. Iraq's oil ministry has ruled out purchasing the stake, with potential buyers identified.

Iraq's government is seeking a six-month waiver from U.S. sanctions for Lukoil to facilitate the sale of its stake in the West Qurna-2 oilfield. This request comes after Lukoil declared force majeure, following recent sanctions on Russian oil companies.

The Iraqi oil ministry, citing the immense scale of the project, has decided not to purchase Lukoil's stake in the field. Instead, Iraq is considering at least three other potential buyers, including one Chinese and two Western companies.

Prime Minister Mohammed Shia al-Sudani recently discussed the waiver with former Lukoil CEO Vagit Alekperov, emphasizing the critical nature of facilitating this transaction under the current sanction landscape.

(With inputs from agencies.)