Iraq prepares to transfer Lukoil's stake in oil field to American company, US supports proposal

The Iraqi Ministry of Oil has approached American companies with a proposal to take over a controlling stake in the giant West Qurna-2 oil field, owned by the Russian firm Lukoil, amid the Trump administration’s favorable stance on the transfer of Russian global assets to American players. This was reported by Bloomberg, writes UNN.

DetailsIraq’s decision came just days before the expiration of the sanctions waiver for the Russian company. The West Qurna-2 field is strategically important, as it produces about 10% of the country’s crude oil.

Another US company is considering acquiring assets of Russia’s Lukoil17.11.25, 23:19 • 3634 views

Sources familiar with the situation said that the Trump administration prefers that Russian assets around the world come under the control of American firms.

Due to sanctions, the American division of Russia’s “Lukoil” is turning to small banks, as large ones have refused to cooperate05.12.25, 16:21 • 3307 views

Although the Iraqi Ministry of Oil did not name specific companies, potential contenders for Lukoil’s share include American giants such as Exxon Mobil Corp. and Chevron Corp.

According to available information, Iraq will give preference to Exxon, which previously operated the neighboring West Qurna-1 oil field.

Oil giant Exxon interested in buying Lukoil’s stake in West Qurna-2 field: Iraq confirms talks – Reuters02.12.25, 16:31 • 2723 views