Settlement Details and Implications
CAIRO, Feb 17 (Reuters) – The Iraqi cabinet approved on Tuesday an “amicable settlement” with Russia’s Lukoil over the transfer of operations of the giant West Qurna 2 oil field to the state-run Basra Oil Company, according to a statement.
Last month, Iraq nationalised the oilfield after the U.S. imposed sanctions on Lukoil to put pressure on Russia to end its war in Ukraine.
West Qurna, which is one of the world’s largest oilfields, accounts for about 0.5% of global oil supply and nearly 10% of Iraq’s…