US EditionRussian Oil Firm’s Multibillion-Dollar Assets Overseas at Risk as US Sanctions Begin to Bite | News Channel 3-12
Lukoil's forced shutdown of West Qurna-2 cuts nearly 10% of Iraq's oil output amid payment cancellations and sanctions, risking layoffs and potential exit within six months.
- On the ground near Basra, operators halted output at West Qurna-2 after Iraq canceled payments and export loadings over sanctions concerns, removing nearly 10 percent of Iraq's oil production.
- Iraq has halted payments to Lukoil over sanctions concerns, cutting cash and in-kind allocations and canceling three export loadings for November, local and international media report.
- Staffing cuts and paused investment plans followed the operational halt as Lukoil owns a 75 percent stake in West Qurna-2, laying off international staff but keeping its Russian and Iraqi workforce.
- If Lukoil seeks a buyer, potential purchasers may face U.S. compliance hurdles after Gunvor exited talks following U.S. Treasury Department sanctions, and local officials said Lukoil could exit within six months.
- As part of the broader West Qurna Field, West Qurna-2 ranks among the world's largest recoverable fields, holding 12.9 billion barrels near Basra, Iraq.
13 Articles
13 Articles
By Tim Lister and Mohammed Tawfeeq, CNN. The Iraqi government says it can no longer work with Russian oil company Lukoil, which has a large stake in the country's oil fields, due to recent US sanctions against the company. Lukoil informed Iraq's state oil company SOMO that it is declaring force majeure, citing circumstances beyond its control for its inability to fulfill its contract, according to Oil Ministry spokesman Abdul Sahib Bazoun al-Has…
Russian oil firm’s multibillion-dollar assets overseas at risk as US sanctions begin to bite | News Channel 3-12
By Tim Lister, Mohammed Tawfeeq, CNN (CNN) — The Iraqi government says it can no longer work with Russian oil company Lukoil – which has a huge stake in the country’s oil fields – because of recently imposed US sanctions against the company. Lukoil has told Iraq’s state oil company SOMO that it is declaring force majeure – citing circumstances beyond its control for its inability to fulfill its contract – according to Oil Ministry spokesman Abdu…
Lukoil declares force majeure in Iraq due to US sanctions
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