The Iraqi government has launched a radical overhaul of its relations with foreign investors, approving a plan to effectively nationalize one of the country's largest oil fields, West Qurna-2, whose key operator is Russia's Lukoil. According to official information, management of the project will be transferred to the state-owned Basra Oil Company for the next 12 months. During this transition period, the Iraqi side intends to completely exclude the Russian company from the project by selling its 75 percent stake to a new investor. Baghdad's decision deals a significant blow to the Russian energy giant's international assets, as the project provided a stable flow of raw materials and played a key role in the company's international strategy.

The economic consequences of this move for the Russian holding company could be quite significant. Experts estimate that the Iraqi field accounts for approximately 3-4% of LUKOIL's annual EBITDA, and West Qurna 2's contribution to the company's total profit for 2025 is approximately 48 billion rubles. The loss of control over operations and revenues from Iraqi oil is forcing the market to revise its market capitalization forecasts. At the same time, analysts note that a forced management change in favor of the state-owned Basra Oil Company could set a dangerous precedent for other international consortiums operating in Iraq and calls into question the investment attractiveness of the country's energy sector amid growing state protectionism.