The processing facility of West Qurna 2 oil field in Iraq which is managed by Lukoil Overseas. Image Credit: Courtesy: Lukoil

Dubai: Iraq's Oil Minister Ihsan Abdul said Lukoil PJSC sent him a notification to sell its stake in the West Qurna-2 field to Chinese companies, and that BP Plc wants to pull out of the giant Rumaila field.

In a video posted on a Facebook page under his name, the minister said the investment environment in Iraq isn't encouraging enough for an oil major to want to do business there.

"The existing investment environment in Iraq is inappropriate to keep the major investors," he said. "All major investors are either looking for another market or for another partner. We, as an investment environment, are inappropriate for major partners."

Jabbar, who appeared in front of a parliamentary committee last week, also said Exxon Mobil Corp. wants to sell its stake in West Qurna-1 for no more than $400 million, a price he called "very cheap." State-controlled Basra Oil Co. is considering a deal, he said.

No one from Lukoil or BP was available to comment outside of normal business hours.