In a 17 February choice, the Iraqi authorities agreed to pursue a settlement with Lukoil at its 480,000 b/d-capacity West Qurna-2 (WQ-2) oilfield. The non-public Russian firm submitted a settlement and task proposal final week to switch its 75% stake to state agency Basrah Oil Firm (BOC) and recoup unpaid dues whereas settling excellent money owed and tax disputes on the big oil discipline (MEES, 13 February).
The choice didn’t disclose a settlement determine and was as a substitute a preliminary transfer that empowers the oil ministry with a authorized mandate to start negotiations. In complete Lukoil proposed a sum of lower than $445mn, a determine lower than the entire of what it’s owed by Iraq, though Baghdad additionally has substantial tax claims towards the corporate. (CONTINUED – 287 WORDS)
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