Lukoil Opts Against Bid for Exxon Stake in Iraq’s West Qurna-1

OAO Lukoil, the Russian oil producer with the most assets abroad, opted against bidding to replace Exxon Mobil Corp. (XOM) at the West Qurna-1 field in Iraq, said Andrei Kuzyaev, head of Lukoil Overseas.

Lukoil sees the additional risk as too great given that it already operates the adjoining West Qurna-2 project without a partner, Kuzyaev said in an interview posted on the website of state television Rossiya 24.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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