Russia's LUKOIL Head Says No Partners Needed in Iraq

Russia's second-largest crude producer LUKOIL will be able to develop Iraq's West Qurna-2 oilfield without partners, the company's president Vagit Alekperov said. But Alekperov, speaking in the Spanish city of Barcelona, where LUKOIL was holding a board meeting and opening an oil product terminal this week, said LUKOIL was ready to allow state company Rosneft to join its other overseas projects.

Last month, Iraq approved the sale by Norway's Statoil of its minority stake in the super giant oilfield to LUKOIL, making the Russian firm the sole foreign partner in one of Iraq's biggest new oil projects.

"Today we are able to implement this project by ourselves," Alekperov told reporters.

LUKOIL sealed a 20-year deal to develop the untapped West Qurna Phase-2 oilfield in an auction in December 2009, pledging to boost output to a plateau target of 1.8 million barrels per day in six years.

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