Statoil Seeks to Sell West Qurna-2 Stake in Iraq, MEES Reports
Statoil ASA (STL) is trying to sell its stake in the West Qurna-2 oilfield in Iraq, the Middle East Economic Survey reported, without saying where it got the information.
The company may use the negotiations to improve the terms of the West Qurna-2 contract and decide against pulling out, according to MEES. A Statoil spokesman refused to confirm or deny the assertion, MEES said.
Foreign companies operating in Iraq have encountered difficult working conditions, excessive bureaucracy and unattractive rates of return, it said. It would be the first re- sale of energy assets awarded to international companies during Iraq’s 2009 auction round, the publication reported.
To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net
To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net
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