Russian company Lukoil plans to process Iraqi oil in its refinery in Burgas, according to the company's president Vagit Alekperov. On Wednesday was officially opened processing plant at USD 1.5 billion. Meanwhile, Alekperov announced that the company has no plans to join OPEC, nor coordinate with the cartel.

After visiting Burgas, Alekperov had a meeting with the Prime Minister of Iraq. Lukoil has offered the Iraqi government a new approach to development of the deposit Nasiriyah. The idea is the first phase of the project to begin utilization of the available quantities of oil in the deposit, and then to use the funds for construction of a plant for processing.