×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

LUKoil Expanding in Iraq

DUBAI, United Arab Emirates — Iraq approved the sale of Statoil's 18.75 percent stake in the West Qurna-2 oil field to LUKoil, Oil Minister Abdul Kareem al-Luaibi said.

"All projects have to compete against other opportunities in our portfolio and must meet our criteria for profitability for us to go forward with investments," Statoil spokesman Baard Pedersen said last week.

LUKoil and Norway's Statoil won rights to develop the second phase of the West Qurna field in December 2009 as Iraq's government sought to increase the nation's oil output. The companies agreed to produce 1.8 million barrels a day from the oil and gas field, located in southern Iraq 64 kilometers northwest of Basra, for a fee of $1.15 a barrel.

(Bloomberg)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more