Iraq says BP and Lukoil want to sell down oil stakes

Iraq says BP and Lukoil want to sell down oil stakes

BP Plc and Russia’s Lukoil PJSC want to sell down their assets in Iraq, according to the country’s oil minister.

In a video posted on a Facebook page under his name, Ihsan Abdul Jabbar said Lukoil sent him a notification to sell its stake in the West Qurna-2 field to Chinese companies, and that BP wants to pull out of the giant Rumaila field.

“The existing investment environment in Iraq is inappropriate to keep the major investors,” he said. “All major investors are either looking for another market or for another partner. We, as an investment environment, are inappropriate for major partners.”