Chevron (CVX) is pressing Iraq for improved economic terms as a condition to buy the West Qurna 2 oil field from Russia’s Lukoil (LUKOY), following Iraq’s nationalization of the asset after U.S. sanctions on Lukoil, Reuters’ Dmitry Zhdannikov and Aref Mohammed report. The giant field represents about 0.5% of global oil supply, and Lukoil has until February 28 to divest under the sanctions.
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