RABAT, March 10. /TASS/. The Iraqi government has approved an agreement with the American company Chevron to operate the West Qurna-2 oil field, in which the Russian corporation Lukoil held a stake, the country’s government press service announced.
"The Iraqi government has approved the final terms of the framework agreement signed between the Ministry of Oil, namely Basra Oil Company and North Oil Company (NOC), and the American company Chevron, on the management and operation of the West Qurna-2 field," the statement reads.
On February 23, Iraqi authorities signed two preliminary agreements between local oil companies and Chevron. Earlier, the Iraqi government approved agreements reached with Lukoil to transfer oil production operations at the West Qurna-2 field to the local Basra Oil Company. As stated in a statement by the Iraqi Prime Minister's press service, "the Cabinet of Ministers approved an amicable settlement with Lukoil regarding the transfer of oil production operations at the West Qurna-2 field to the [Iraqi] Basra Oil Company."