March 7, 2012 / 8:26 AM / 8 years ago

Iraq approves Statoil sale of oil field stake to Lukoil

BAGHDAD, March 7 (Reuters) - Iraq has approved the sale by Norway’s Statoil of its minority stake in a supergiant oil field to Lukoil, making the Russian firm the sole foreign partner in one of Iraq’s biggest new oil projects, two Iraqi oil industry sources said.

Statoil will sell its 18.75 percent state in the West Qurna Phase-2 field to Lukoil, giving the Russian firm a 75 percent stake. An Iraqi state oil company owns the other 25 percent.

The deal makes Statoil the first big Western oil firm to abandon one of the lucrative oil deals offered by Iraq in recent years. (Reporting by Ahmed Rasheed; Editing by Peter Graff)

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