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St. Petersburg International Economic Forum 2016

Lukoil in talks with Shell, Total on their participation in petrochemical complex in Iraq

ST.PETERSBURG, June 17. /TASS/. Russian oil major Lukoil is in talks with Shell and Total on their participation in a petrochemical complex in Iraq, Lukoil’s President Vagit Alekperov told TASS.

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Lukoil plans to offset costs on Iraqi fields in August

"Yes, today we are in talks on making adjustments to our service contract and to bring the gas component outside, on the basis of the gas more unique factor West Qurna-2. 17% of this gas is unique gas and would be a crime to burn it. To create a petrochemical complex - now the negotiations are under way with Shell and with Total. The Iraqi side supports our efforts," he said.

Lukoil as the operator takes part in the development of West Qurna-2, which is the largest field in Iraq.

West Qurna-2 is located in southern Iraq, 65 km Northwest of the major port city of Basra. The field was discovered in 1973 and explored (using 2D seismic acquisition and exploration drilling technologies) by Soviet geologists in 1970s and 80s. The size of the current Contract Area is over 300 sq km.

The current participants of the project are the South Oil Company of the Ministry of Oil of Iraq (on behalf of the state) and a consortium of contractors comprising Lukoil /75%/ and the Iraqi North Oil Company /25%/.

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Oil & Gas SPIEF 2016

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Potential nuclear facilities in Poland to be military target for Russia — senior diplomat

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Polish leader cautions NATO allies against provoking Russia

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Armenian police arrests people protesting against demarcation with Azerbaijan

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Russian defense chief points to West’s double standards on right to self-defense

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Iran calls on BRICS states to facilitate ceasefire in Gaza Strip

Iranian Deputy Foreign Minister Ali Bagheri Kani called for a complete withdrawal of Israeli troops from Gaza

SCO expects Belarus to join the organization very soon — Shoigu

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