Low oil prices suspend Russia’s Lukoil, Total joint project in Iraq

MOSCOW, Nov 17 (PRIME) -- Current low oil prices make an Iraqi petrochemical project of Russian oil major Lukoil and France’s Total, inefficient and the companies may return to the project only after prices stabilize, Lukoil CEO Vagit Alekperov told reporters Tuesday.

“The prices that have formed today make such projects low-profitable, but we have a memorandum. We are moving on and hope that after the market stabilises we will be able to implement the project in a consortium,” he said.

On Monday, Bloomberg reported citing Iraq’s Deputy Industry Minister Adel Karim that the country’s Oil Ministry planned to hold talks with Lukoil and Total on construction of a petrochemical plant in the country in coming weeks.

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