OIL MINISTER SAYS BRITISH PETROLEUM QUITTING IRAQ, RUSSIAN OIL FIRM ALSO SELLING OUT

Iraqi Oil Minister Ihsan Abdul Jabbar said in a video posted on the ministry's Facebook page that British Petroleum (BP) was considering withdrawing from Iraq, Ahmed Rasheed reported for Reuters.

To make matters worse, Russia's Lukoil had sent a formal notification saying it wanted to sell its stake in the West Qurna-2 field to Chinese companies.

Abdul Jabbar also admitted the investment environment in Iraq was unsuitable for retaining major investors. The statements were made during a parliamentary session on June 29 to which Abdul Jabbar was invited, oil ministry sources said.

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