The media learned about Iraq's plan to nationalize the West Qurna-2 field

The Basra State Oil Company of Iraq will take over the management of the West Qurna-2 oil field, in which Lukoil participates, for a period of up to 12 months. This was reported on January 8 by the Reuters news agency, citing company representatives.

As noted, the Cabinet of Ministers of Iraq approved the decision to nationalize operations at one of the largest oil fields in the world. The country's authorities explain this step by their desire to avoid possible disruptions in production against the background of US sanctions imposed on the Russian shareholder of the project.

"We are striving to ensure the smooth operation of production while Iraq overcomes uncertainty due to US sanctions, and we will be looking for potential buyers of Lukoil's stake within 12 months," one of the agency's sources said.

The news is being updated