US Backs Iraq Plan to Move Lukoil Oil Field to American Firm (1)

The US government is backing Iraq’s plan to transfer Lukoil PJSC’s stake in a giant oil field to an American company, days before a sanctions waiver on the Russian firm is set to expire.

Iraq’s Oil Ministry last week said it’s approaching US companies to take over the majority holding in West Qurna 2, which pumps about 10% of the country’s crude. The Trump administration’s preference is for the Russian firm’s global assets to be taken over by a US entity, people familiar with the matter said last month.

The ministry didn’t name any companies, but US firms including ...