LUKoil estimates investment in 2nd stage of West Qurna-2 project at $6.5 bn

Jun 23, 2016 12:00 AM

LUKoil's CEO said he estimated investments in the second stage of the West Quarna-2 project in Iraq at $6.5 billion. West Qurna-2, located in Iraq, is one of the largest oil fields in the world.

Russian energy giant LUKoil estimates investments in the second stage of the West Quarna-2 project in Iraq at $6.5 billion, the company's CEO Vagit Alekperov said Thursday.

"Regarding the second stage, the investment there is $6.5 billion. As for now, we have already developed the concept," Alekperov said.

He added that if the Iraqi side met investors half way, then LUKoil would start work early next year.

LUKoil is involved in several projects in Iraq, including the development of West Qurna-2, which is one of the largest oil fields in the world.

LUKoil owns 75 percent of the West Qurna-2 oil field development project, with the remaining share of 25 percent owned by the Iraqi North Oil Company.

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