Lukoil has declared force majeure at the West Qurna-2 oil field in Iraq, according to sources cited by Reuters, while Bulgaria moves towards taking control of the company’s Burgas refinery. The measures reflect the growing impact of recent US sanctions on Lukoil’s international operations.
The force majeure notice was sent to Iraq’s oil ministry last week. This decision follows sanctions placed on major Russian producers Lukoil and Rosneft as part of Washington’s efforts to exert pressure over the war in Ukraine.
West Qurna-2 is one of the world’s largest oil fields and is considered Lukoil’s key foreign asset...