OREANDA-NEWS  The Iraqi Cabinet of Ministers has approved plans to nationalize the West Qurna-2 oil field owned by the Russian company Lukoil. This was reported by Reuters with reference to representatives of the state oil company Basra Oil Company.

According to sources, they decided to nationalize the field in order to prevent disruptions caused by US sanctions. The asset will be managed by Basra Oil Company.

"We are striving to ensure the smooth operation of production while Iraq is experiencing uncertainty related to US sanctions, and we will be looking for potential buyers of Lukoil's stake within 12 months. Basra Oil Company will cover the costs of local staff salaries, operating expenses and payments to subcontractors using an account linked to the Majnun oil field to simplify the process," a company representative explained.